Shell profits double to $10.8bn as Iran war pushes up profit margin on oil
Summary
Shell reported adjusted profit of $10.8 billion for the July–September quarter, nearly twice its $5.432 billion profit in the same quarter of 2025 and above analyst expectations. Higher oil and gas prices and rising refinery margins lifted earnings, while damage to a key facility cut Shell’s gas production by about a third. Shell also plans to spend $5 billion on share buybacks over the next three months, up from $3 billion in the previous quarter.Key Facts
- Shell’s adjusted profit was $10.8 billion in the July–September quarter, compared with $5.432 billion a year earlier.
- The result exceeded analysts’ average expectation of $10.33 billion.
- Shell said it would return $5 billion to investors through share buybacks over the next three months.
- The company expected refinery margins to reach $42 per barrel in the quarter, up from $24 per barrel in the second quarter.
- Damage to a key gas processing facility during the Middle East conflict cut Shell’s gas production from 900,000 barrels of oil equivalent per day by about one-third.
- Europe’s benchmark gas price averaged almost €64 per megawatt-hour in the quarter, compared with more than €48 in the previous quarter.
- The global oil benchmark averaged $94.90 per barrel, up from $69.10 in the same quarter a year earlier.
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