Shell Reports $10.8 Billion Quarterly Earnings and Raises Buyback to $5 Billion

Shell reported $10.8 billion in adjusted earnings for the third quarter of 2026, almost twice the $5.43 billion recorded a year earlier, as high oil and gas prices and strong refining returns lifted the energy company's results. The London-listed group released the figures on Thursday, October 29, at 07:00 UTC.

The company announced a new $5 billion share-repurchase programme, up from $3 billion in the preceding quarter. Shell expects to complete the latest programme by the time it reports fourth-quarter results. The announcement is an intention to buy shares, not confirmation that $5 billion of purchases has already taken place. Its dividend policy is a separate commitment.

Shell's chief financial officer said the company generated about $21 billion of cash flow from operations in the quarter. The company also reported a 9% increase in its dividend per share over the preceding 12 months. The higher earnings and cash flow measures describe different aspects of financial performance and should not be treated as interchangeable.

The results arrived during significant disruption to energy supplies linked to the conflict in the Middle East. Shell reported elevated refining margins as fuel supply became constrained, even as some of its own gas production was affected. The Guardian reported that the company's expected refining margin reached about $42 per barrel, compared with $24 in the preceding quarter. This is a margin indicator, not the price of a barrel of crude.

Shell said its portfolio changes included completion of the ARC Resources acquisition in September and a previously announced investment decision to expand LNG Canada. These projects are separate from the new quarterly earnings figures. The company also outlined a 2026 cash capital-expenditure range of $23 billion to $25 billion, including acquisition spending.

The results illustrate how higher energy prices can improve an integrated producer's earnings while increasing costs elsewhere in the economy. The company did not establish that current refining margins or commodity prices will persist into the next quarter.