Shell posted third-quarter 2026 (Q3 2026) net income attributable to shareholders of $12.1bn, more than double the $5.3bn recorded in the corresponding period last year.
The energy major benefited from record refining margins and elevated commodity prices amid continued disruption to the global energy system.
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Adjusted earnings for the quarter came in at $10.8bn, up 99% from $5.4bn in Q3 2025. Cash flow from operations increased 72% year on year to $21.0bn, while adjusted EBITDA grew 54% to $22.7bn.
Free cash flow reached $16.3bn, compared with $10.0bn a year earlier.
The Chemicals and Products division was the principal driver of the year-on-year increase, with adjusted earnings rising to $3.9bn from $550m in Q3 2025. The global indicative refining margin climbed to $42 per barrel from $11.6 per barrel a year earlier.
Integrated Gas adjusted earnings rose 42% to $3.0bn from $2.1bn, reflecting higher gas and liquefied natural gas (LNG) prices. LNG sales volumes increased to 19.3 million tonnes from 18.9 million tonnes in Q3 2025.
Integrated Gas production fell to 772,000 barrels of oil equivalent per day (boepd) from 934,000boepd a year ago, although Shell’s Q4 2026 outlook for the segment is 1,080,000 to 1,180,000boepd, reflecting the addition of volumes from the ARC Resources acquisition.
Upstream adjusted earnings climbed 77% to $3.2bn from $1.8bn, despite total upstream production edging lower to 1,802,000boepd from 1,832,000boepd in the year-ago quarter.
Shell announced a $5bn share buyback programme for the next three months, up from the $3.5bn buyback announced in Q3 2025. Net debt declined to $39.7bn from $41.2bn a year earlier, with gearing falling to 16.6% from 18.8%.
The company completed its acquisition of ARC Resources last month and took a final investment decision (FID) on LNG Canada Phase 2.
Shell chief executive Wael Sawan said: “We are further investing in our advantaged Integrated Gas business with the completion of the ARC Resources Ltd. acquisition and the final investment decision on LNG Canada Phase 2, supporting Shell’s long-term cash flow growth.”
Shell guided full-year 2026 cash capital expenditure (capex), including ARC Resources, in the range of $23bn to $25bn. The company also flagged an expected non-cash loss of approximately $6.4bn in Q4 2026 related to the derecognition of its Netherlands defined benefit pension plan, subject to change.
