Shell profit doubles to $12.1bn as oil, gas prices rise

Shell said its net profit more than doubled to $12.1 billion in the third quarter as Middle East war disruption pushed oil and gas prices higher.

The British energy company posted profit after tax of $5.3 billion in the third quarter of 2025. Revenue rose to $92.8 billion from $68.2 billion a year earlier.

Chief executive Wael Sawan said Shell's operational performance enabled very strong results during “continued severe disruption to the global energy system.”

Shell's refining margins rose to a record level as the Middle East and Ukraine wars disrupted supplies. Refining margins measure the gap between the price of crude oil and the fuels made from it.

Margins reached $42 a barrel in the third quarter, up from $24 a barrel between April and June.

Production and exports of refined products in the Middle East have remained disrupted since war began in late February. Ukrainian drone strikes on Russian energy infrastructure have also prompted Russia to ban exports of some products, including gasoline and diesel.

Shell also said it would increase its share buyback programme to $5 billion.