From MercoPress · · 50s
Shell and TotalEnergies Double Profits
Oil giants Shell and TotalEnergies report record quarterly profits amid refining boom.
In brief
Oil giants Shell and TotalEnergies report record quarterly profits amid refining boom. Shell and TotalEnergies doubled quarterly profits to US$10.81 billion and US$9.1 billion respectively in Q3 2026, driven by higher refining margins. Originally reported by MercoPress.
Q3 2026 Results
Shell and TotalEnergies doubled quarterly profits in the third quarter of 2026, posting their best results since 2022.
Refining Margins Surge
Refining margins reached US$42 per barrel for Shell and US$33.2 per barrel for TotalEnergies, nearly four times higher than a year earlier.
Share Buybacks Expand
Both companies raised their quarterly share buyback programmes, with Shell increasing from US$3 billion to US$5 billion and TotalEnergies confirming a US$2.5 billion buyback for Q4 2026.
Weak Spots
Shell's oil production fell 17% due to Middle East disruptions, while TotalEnergies booked a US$1.9 billion impairment linked to offshore wind.
The takeaway
Shell and TotalEnergies doubled quarterly profits to US$10.81 billion and US$9.1 billion respectively in Q3 2026, driven by higher refining margins.
