Key facts
- Shell's adjusted profit for the July-September quarter was $10.8 billion.
- Refinery profit margins reached $42 per barrel, a record high.
- Shell plans to return $5 billion to investors in the next three months.
Shell's adjusted profits more than doubled to $10.8 billion in the third quarter, driven by soaring oil and gas prices and increased refinery margins. The Middle East conflict and damage to energy facilities contributed to global shortages, boosting Shell's profitability. The company's refinery margins hit a record $42 per barrel, significantly higher than previous benchmarks. Europe's benchmark gas price rose to nearly €64 per megawatt-hour, while the global oil price averaged $94.90 a barrel. Shell also announced plans to return $5 billion to investors through its share buyback program.