Shell Profits Nearly Double to $10.8 Billion as Refining Margins Hit Record

Record refining margins and higher LNG and gas prices boosted Shell’s third-quarter earnings to over $10.8 billion, nearly double compared to the same period last year, as the Middle East crisis squeezed fuel supplies and hiked oil and gas prices. Shell on Thursday reported adjusted earnings of $10.814 billion for the third quarter, the highest since 2022, almost double the $5.432 billion earnings a year ago. The third-quarter earnings “reflect strong operational performance in a continued volatile and elevated commodity…

LNG Market Background

The global LNG market has undergone a structural transformation in recent years, with U.S. exports reshaping trade flows and providing consuming nations with greater supply optionality. European buyers have accelerated long-term LNG contracting following the disruption of Russian pipeline gas supplies.

New LNG liquefaction capacity — from the U.S. Gulf Coast, Qatar's North Field expansion, and Australian projects — is expected to add significant supply volumes through the late 2020s, with implications for long-term contract pricing and spot market dynamics.

What to Watch

Stakeholders will be tracking spot LNG cargo pricing in Asian and European markets, liquefaction plant utilization rates, and upcoming long-term supply contract negotiations as global LNG trade flows continue to evolve.