Shell expects record Q3 refining margins of $42 per barrel, signaling strong profitability as the company prepares for its full quarterly earnings report on October 29.
Shell's Q3 refining margin has surged to a record $42 per barrel, nearly doubling from the $24 per barrel reported in Q2. This significant expansion in refining profitability, coupled with robust trading results and elevated oil and gas realizations, positions the company for continued windfall earnings as detailed in their Q3 2026 update.
The full results are scheduled for release on October 29.
The refining margin for the second quarter was $24 per barrel.
Shell reports a significant jump in third-quarter refining margins, which climbed to $42 per barrel from $24 in the previous quarter. This record performance, bolstered by robust trading results and elevated oil and gas realizations, positions the energy major for continued windfall profits ahead of its full earnings release on October 29.
The growth is primarily driven by a record-high refining margin of $42 per barrel, combined with strong trading results and high oil and gas realizations.