Shell Launches $5 Billion Share Buyback as Profits Double

Shell on October 29 reported Q3 2026 adjusted profit of $10.81 billion, roughly double a year earlier, and GAAP net profit of $12.057 billion. It raised the next three-month buyback to $5 billion from $3 billion, held the dividend at $0.3906, and saw shares hit an all-time high. Refining margins reached a record $42 a barrel; Chemicals and Products earned a record $3.855 billion. Net debt fell to $39.7 billion. CEO Wael Sawan said Shell's "relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system." Greenpeace's Philip Evans said the profits "go beyond mere greed – they are openly villainous," that executives were "popping champagne on the deck of a sinking planet," and that the government should tax the firms and block Rosebank. Analyst Adam Vettese said "The market's positive reaction makes sense" and that cash flow and the buyback support returns, but added "The caveat is that a large slice of the outperformance looks cyclical rather than structural." A Persian Gulf gas plant was severely damaged, cutting pre-war gas output of 900,000 boe/day by about a third. Low Rhine water hit German plants. Q4 utilization guidance was cut to 92%-100%. How long record margins last remains open.