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 operational performance amid "continued severe disruption to the global energy system."Other highlights from Q2:Free cash flow of $16.3 billion, up from $10 billion year-on-year.Net debt came at $39.7 billion, down from $41.75 billion in the prior quarter.Capital expenditure outlook for 2026 lowered to the $23 to 25 billion range from $24 billion to $26 billion.France's TotalEnergies also benefited from market dynamics, more than doubling its adjusted net ​income to $9.1 billion in third-quarter results published Thursday.While its oil trading activities were steady, the oil major was boosted by "historically high refining margins in Europe and worldwide," CEO Patrick Pouyanne said.Stock Chart IconStock chart iconBrent crude.