# Oil majors financial performance and market trends

> Developing situation record from CLSTR: https://clstr.news/situations/oil-majors-financial-performance-and-market-trends
> Updated: 2026-10-29T04:44:10.000Z. Sources: 23. Developments: 2.

Major energy companies BP and Shell have reported strong third-quarter financial outlooks and results, largely driven by significant increases in refining margins. 

Earlier reports indicated that BP anticipated a sharp reduction in net debt due to asset sales, despite expecting up to $4.5 billion in impairments related to its low-carbon and transition businesses. Simultaneously, Shell projected refining margins would rise to approximately $42 per barrel, helping to offset costs such as German emissions certificate payments.

By late October, Shell confirmed a significant profit surge, with adjusted third-quarter earnings reaching $10.81 billion. This performance, which nearly doubled the previous year’s earnings, was attributed to record refining margins and higher realized liquefied natural gas prices. These gains occurred despite lower production volumes in Qatar caused by disruptions from the Middle East conflict. Following these results, Shell announced an increased $5 billion share buyback program. The company also reported that its net debt decreased to $39.7 billion, down from $41.75 billion in the previous quarter.

## Claims

- Shell reported adjusted earnings of $10.81 billion for the third quarter. (reported by 15 sources)
- Shell announced a $5 billion share buyback program. (reported by 11 sources)
- Refining margins reached $42 per barrel. (reported by 11 sources)
- Adjusted earnings were $5.43 billion in the same quarter the previous year. (reported by 8 sources)
- Shell's integrated gas business recorded $3.04 billion in profits. (reported by 5 sources)
- Shell's upstream business recorded $3.19 billion in profits. (reported by 5 sources)
- Middle East conflict impacted Qatari production volumes. (reported by 4 sources)
- The chemicals and products unit's adjusted earnings reached $3.86 billion. (reported by 2 sources)

## Timeline

### 2026-10-29: Shell reports $10.81 billion third-quarter profit

Shell's third-quarter adjusted profit nearly doubled to $10.81 billion, driven by record refining margins and high energy prices amid Middle East conflict. The company also increased its share buyback to $5$000

23 sources. https://clstr.news/cluster/shell-reports-108-billion-q3-profit-amid-middle-east-conflict

### 2026-10-11: BP and Shell anticipate strong quarters driven by rising refining margins

BP and Shell expect strong third-quarter results driven by surging refining margins, despite BP facing multi-billion dollar impairments in its low-carbon business and Shell managing emissions costs.

4 sources. https://clstr.news/cluster/bp-and-shell-anticipate-strong-quarters-driven-by-rising-refining-margins

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Cite as: Oil majors financial performance and market trends. CLSTR, https://clstr.news/situations/oil-majors-financial-performance-and-market-trends