Shell lifts buyback to $5 billion on record refining margins

Shell reported third quarter adjusted earnings of $10.8 billion and announced a $5 billion share buyback for the next three months, with its global indicative refining margin at $42 a barrel, up from $24 in the second quarter.

Why it matters: Shell is passing the war-driven refining windfall to shareholders rather than to new production, and its record margin is a direct measure of how much fuel-making capacity the Middle East conflict has taken out of the market.

Data as of Shell's own third quarter 2026 press release, published October 29, 2026 and read in full in this run: all earnings, cash flow, segment and margin figures, and the buyback announcement, are the company's own. The analyst consensus figure of $10.33 billion and the year earlier figure of $5.43 billion are Reuters', cited for the expectations comparison only. Developing item.

Shell plc reported third quarter adjusted earnings of $10,814 million, up from $9,836 million in the second quarter, with cash flow from operations of $21,043 million, the company said in its results release on Thursday. Reuters reported that the result beat the $10.33 billion average estimate in a company-provided analyst poll and was almost double the $5.43 billion earned a year earlier.

Chemicals and Products, the segment that includes refining, earned $3,855 million as Shell’s global indicative refining margin rose to $42 a barrel from $24 in the second quarter, a level the company described as a record, while Integrated Gas earned $3,037 million and Upstream $3,189 million. Shell announced a $5 billion share buyback programme for the next three months, up from the $3 billion pace Reuters reported for the prior quarter.

Shell lifts buyback to $5 billion on record refining margins

Sources