Shell, the London-listed oil and gas group, reported third-quarter adjusted earnings of $10.8 billion and announced a $5 billion share buyback for the next three months.
Adjusted earnings, the company's preferred measure of profit excluding one-off items, rose from $9.8 billion in the second quarter.
Cash flow from operations came in at $21.0 billion, despite what Shell called continued severe disruption to the global energy system, including outages in the Middle East.
The chemicals and products division was the main driver, delivering adjusted earnings of $3.9 billion as the global indicative refining margin jumped to $42 a barrel from $24 in the second quarter.
Shell said the result came despite low water levels on the Rhine river, which affect fuel and chemicals logistics in Europe.
Integrated gas earned $3.0 billion, helped by higher gas and liquefied natural gas prices, while upstream earned $3.2 billion, down on the previous quarter because of lower oil prices and higher well write-offs.
Acquisition and investment
Shell completed its purchase of ARC Resources, the Canadian gas producer, on September 2.
It also took a final investment decision on phase two of LNG Canada, its liquefied natural gas export project in British Columbia.
Wael Sawan, chief executive, said the deals would support long-term cash flow growth.
Shell expects fourth-quarter integrated gas production of 1.08 million to 1.18 million barrels of oil equivalent a day, up from 772,000 in the third quarter, reflecting ARC.
Balance sheet
Net debt fell to $39.7 billion from $41.8 billion in the second quarter, and from $52.6 billion at the end of the first quarter.
Gearing, which measures debt against capital, stood at 16.6% after the ARC deal, or 2.7% excluding leases.
Shell expects cash capital expenditure for 2026, including ARC, of $23 billion to $25 billion.
The company also flagged a non-cash loss of about $6.4 billion in the fourth quarter, linked to the derecognition of its Netherlands defined benefit pension plan.
