The company’s global indicative refining margin reached an unprecedented $42 per barrel, a significant jump from $24 in the second quarter. These record margins, supported by robust trading results and elevated commodity prices, allowed the energy giant to increase its share buyback program to $5 billion. This new repurchase initiative is scheduled for completion by the time the fourth-quarter results are released early next year.

CEO Wael Sawan credited the results to operational performance during a period of severe global energy system disruption. Shell’s success mirrors a broader trend among European majors, with Norway’s Equinor recently reporting a tripling of its adjusted net income. Global refineries continue to face a persistent shortfall, struggling to replace the estimated 7 to 8 million barrels per day of refined products lost to international market bans and regional instability.