Shell reports $10.8 billion adjusted profit for July-September quarter

Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, an increase from $5.432bn in the third quarter of 2025.

Financial Performance and Shareholder Returns

The reported results exceeded analyst expectations for a rise to $10.33bn. Shell also announced an increase to its share buyback programme, stating it plans to return $5bn to investors over the next three months, up from $3bn in the previous quarter.

Shell chief executive Wael Sawan said, “Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system.”

Market Conditions and Production

According to Shell, refinery profit margins climbed to $42 for each barrel of fuel produced during the July to September period, compared to $24 a barrel in the second quarter of this year. These margins are higher than the previous record of approximately $28 a barrel set during the early months of the Russia-Ukraine war.

Market benchmarks also saw increases during the third quarter:

• Europe’s benchmark gas price index averaged almost €64 per megawatt-hour, up from more than €48 per megawatt-hour in the second quarter.
• The global oil price benchmark averaged $94.90 a barrel, up from $69.10 a barrel in the same quarter last year.

Shell reported that its gas production was impacted by the Middle East crisis, which caused severe damage to a key gas processing facility in the Gulf. The company stated its prewar gas production of 900,000 barrels of oil equivalent per day fell by a third as the Middle East war unfolded.

Reactions

Following the profit report, Shell’s shares rose by 3% in early trading on Thursday morning.

Climate campaigners criticized the increase in profits. Philip Evans, a senior campaigner at Greenpeace, said, “As fossil-fuelled storms, floods, and soaring costs wreck communities, oil executives like Shell’s Wael Sawan are popping champagne on the deck of a sinking planet. We are paying with our lives and paychecks while they cash in on our misery.”

Why it matters

Rising commodity prices and disruptions to the global energy system due to conflicts in the Middle East and Russia have significantly impacted Shell's profitability and production levels.

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Sources

• theguardian.com: Shell profits double to $10.8bn as Iran war pushes up profit margin on oil | Shell | The Guardian
• aol.co.uk: Shell profits double to $10.8bn as Iran war pushes up profit margin on oil - AOL

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.