Oil majors reap bumper profits

Business Recorder reported that Shell’s after-tax earnings more than doubled from a year earlier to $12.1 billion in the third quarter of 2026. TotalEnergies posted a record $8.3 billion in net profit for July to September, while Repsol’s net profit for the first nine months reached 5 billion euros ($5.6 billion), four times the year-earlier level.

Higher hydrocarbon prices amid Middle East supply disruptions lifted refining margins and profits, with Shell’s refining margin reaching $42 a barrel, compared with $24 in the previous quarter. Shell and TotalEnergies raised shareholder payouts, but their earnings also drew criticism as governments and campaigners raised concerns about fuel costs, household expenses and climate impacts.