[REVISION HISTORY]

Oil majors financial performance and market trends

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2026-10-29 09:15 UTC → 2026-10-29 10:59 UTC · added ~~removed~~

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.

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