Shell’s refining efficiency climbed to a record $42 a barrel in the third quarter of 2026, helping the company achieve adjusted earnings of $10.81B. The result, which outperformed a poll of analyst estimates averaging $10.33B, marks the second-highest quarterly net income in the company’s history and is almost double the $5.43B it reported in the same period last year. The surge in refining margins was the primary driver of the beat, compared to $24 a barrel in the second quarter and $11.6 a barrel a year ago.
The oil major used the windfall to increase the pace of its quarterly share buyback program to $5B from $3B and reduce its net debt to $39.7B. During the quarter, Shell also finalized the $13.9B acquisition of ARC and approved the second phase of its LNG Canada project, which will increase total capacity to 28M tonnes. Looking ahead to the fourth quarter, the company forecasts integrated gas production to range between 1.08M and 1.18M barrels of oil equivalent per day.