Overview
- Shell reported a $10.8 billion profit for the July–September quarter, its second‑largest quarterly result, driven by record refinery margins and strong chemicals and trading earnings.
- Other major firms posted large gains too, with ExxonMobil reporting $15.4 billion, Chevron $9.9 billion and BP $4.7 billion for the same period.
- Market moves after the Iran conflict pushed crude toward about $114 a barrel and European gas above €100, which boosted refining and trading margins that amplified company earnings.
- Companies have responded by raising fossil output, restarting or increasing LNG and Gulf of Mexico production, and returning cash to shareholders through buybacks such as Shell’s $5 billion program.
- Environmental groups and consumer advocates are demanding levies on extraordinary profits to fund relief and clean energy, but EU officials have expressed skepticism about an EU‑wide windfall tax.