By Karim Hammam
Shell reported adjusted profits of $10.8 billion for the July-September quarter, more than double the $5.432 billion recorded a year earlier, as the Middle East conflict drove up oil and gas prices and tightened global supply.
Results exceed expectations
The figure surpassed analyst forecasts of $10.33 billion and marked an increase from the $9.836 billion earned in the second quarter. Refining margins jumped to $42 per barrel, far above the $24 per barrel in the previous quarter and the previous record of about $28 per barrel set during the early months of the Russia-Ukraine war.
Shareholder returns increased
The company announced a $5 billion share buyback programme for the next three months, up from $3 billion in the prior quarter.
CEO cites operational focus
Chief executive Wael Sawan said the results reflected “relentless focus on operational performance” despite severe disruption to the global energy system.
Climate campaigners criticise gains
Greenpeace senior campaigner Philip Evans condemned the profit surge, saying oil executives were “popping champagne on the deck of a sinking planet” while communities suffer from fossil-fuelled extreme weather.
Production hit by Gulf damage
Shell’s gas production fell by a third from its pre-war level of 900,000 barrels of oil equivalent per day after severe damage to a key Gulf processing facility. European gas prices averaged nearly €64 per megawatt-hour in the quarter, up from over €48 in the second quarter, while the global oil benchmark averaged $94.90 a barrel, compared with $69.10 a year earlier.
