Shell Q3 Adjusted Earnings Surge 99% Y-o-Y to $10.8B


   
Daniel Rodriguez Huerta
DTN Refined Fuels Market Reporter

   CALGARY, CANADA (DTN) - Shell plc reported Thursday (10/29) that adjusted 
earnings virtually doubled year-on-year in the third quarter, helped by higher 
refining margins and higher realized LNG prices.

Adjusted earnings reached $10.814 billion in the third quarter of 2026, up 
99.08% from the $5.432 billion in the third quarter of 2025. Compared with the 
$9.836 billion reported in the second quarter of 2026, the increase was 
9.94%.Shell said the adjusted earnings reflected higher refining margins, 
higher realized LNG prices and higher integrated gas volumes. These were partly 
offset by lower crude and oil products trading and optimization, higher well 
write-offs and lower realized liquids prices.Upstream production available for 
sale was 1.802 million boe/d, down 1.64% from 1.832 million boe/d in the third 
quarter of 2025 and lower by 1.21% from 1.824 million boe/d in the second 
quarter of 2026. Shell attributed the sequential decline mainly to production 
sharing contract effects and field decline, partly offset by new oil production 
in the Gulf of America and Brazil.Integrated gas production available for sale 
rose 22.35% to 772,000 boe/d from 631,000 boe/d in the second quarter 2026, 
helped by the ARC Resources Ltd. acquisition completed by September 2 and 
partly offset by higher planned maintenance. Production was down 17.34% from 
934,000 boe/d in the third quarter of 2025.Shell's global indicative refining 
margin rose 75.00% to $42 bbl from $24 bbl in the second quarter of 
2026.Refinery processing intake rose 2.98% to 1.211 million bpd from 1.176 
million bpd in the third quarter 2025 and fell 4.42% from 1.267 million bpd in 
the second quarter 2026.Refinery utilization fell to 96% in the third quarter 
2026 from 102% in the second quarter 2026, which Shell attributed mainly to low 
Rhine river water levels at its 340,000 bpd Rheinland refinery in Germany.


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