Shell Q3 earnings send shares to top of FTSE 100
ii’s head of investment rounds up the morning’s big news.
29th October 2026 09:41
by Victoria Scholar from interactive investor
Shell (LSE:SHEL) has delivered third-quarter adjusted earnings of $10.8 billion, beating analyst expectations for $10.3 billion, and delivered a record refining margin of $42 a barrel, soaring from $11.6 a barrel year-on-year.
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The Integrated Gas business delivered profit of $3 billion while the Upstream segment’s profit hit $3.2 billion, both ahead of forecasts. Chemicals and Products delivered record adjusted earnings of $3.86 billion.
Shell is also returning more cash to shareholders by increasing its share buyback programme from $3 billion to $5 billion for the next three months. Net debt fell to $39.7 billion at the end of the third quarter, down $2.1 billion from the previous quarter.
Elevated oil and gas prices this year, driven by tensions in the Middle East and the continuing war in Ukraine, have contributed to higher earnings for Shell. The company has benefitted from the tight Liquified Natural Gas (LNG) market, geopolitical risk premiums and volatile trading conditions. The diversified nature of Shell’s business has helped it navigate the uncertain backdrop.
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Shell completed its $14 billion acquisition of Canadian energy firm ARC Resources last month. The deal strengthens its exposure to natural gas, provides access to Canada’s gas reserves and will deliver key synergies in LNG.
Shell has been a standout performer in the UK market this year. Its shares have surged almost 50% year-to-date, including a more than 3% rally this morning, comfortably landing the stock at the top of the FTSE 100 leaderboard.
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