Shell nearly doubles quarterly profit year-on-year as refining margins soar to record high

Diesel fuel stations at a Shell gas station in Los Angeles, California, on Sept. 28, 2026.Bloomberg | Bloomberg | Getty ImagesShell nearly doubled its quarterly profit year-on-year to $10.81 billion and saw record refining margins, the oil major said Thursday, as geopolitical turmoil drives up crude prices and creates a fuel squeeze. Adjusted earnings, the company's measure of net profit, soared from $5.43 billion a year ago.It was the strongest profit since the second quarter of 2022, in the wake of Russia's full-scale invasion of Ukraine. Analysts expected the figure to be $9.92 billion for July to September, according to an LSEG-compiled consensus.Indicative refining margins were $42 per barrel, smashing the previous record of $28.04 per barrel in the second quarter of 2022, meeting the company's forecast from earlier in the month.Shell's London-listed shares were up around 3% in morning trade, hitting an all-time high.Stock Chart IconStock chart iconShell share price.The company boosted its share buybacks, announcing a $5 billion share program to be completed over the next three months, up from $3 billion in the previous quarter.CEO Wael Sawan said the company saw strong operat...