Energy giant Shell (SHEL) has reported that its profits have nearly doubled due to soaring crude oil prices caused by the Iran war.
The British oil major announced a profit for this year’s third quarter of $10.81 billion U.S., up 99% from $5.43 billion U.S. a year ago.
It’s the strongest profit for Shell since the second quarter of 2022 when Russia launched a full-scale invasion of Ukraine.
The latest profit figure cruised past Wall Street’s forecast of $9.92 billion U.S. in earnings for the company.
Revenue in the quarter totaled $95.32 billion U.S., up 35% from $70.41 billion U.S. in the same quarter of 2025.
Management at Shell said the company benefitted from record refining margins in the quarter.
Refining margins equaled $42 U.S. per barrel of crude oil, topping the previous record of $28.04 U.S. a barrel set in the second quarter of 2022.
Owing to the big profit, Shell announced an increase to its share buyback program.
The company said it will buyback $5 billion U.S. of its own stock this quarter, up from $3 billion U.S. in the previous quarter.
Shell ended the third quarter with free cash flow of $16.3 billion U.S., up from $10 billion U.S. in the same period of 2025.
Also during the quarter, Shell completed its $16.4 billion U.S. acquisition of Canadian energy firm ARC, which will help it to boost production moving forward.
Crude oil prices remain volatile amid fighting in the Middle East. Brent crude oil, the international standard, is currently hovering around $115 U.S. a barrel, up from $65 U.S. a year ago.
SHEL stock has risen 39% this year to trade at $105.19 U.S. per share in New York.
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