Major oil companies like Shell, TotalEnergies, and Repsol report record profits in Q3 due to rising refining margins and diesel shortages.
Shell reports higher profits
From July to September, Shell achieved an adjusted net profit of $10.8 billion, compared to $5.43 billion in the third quarter of 2025.French company also sees profit rise
French company TotalEnergies also more than doubled its profits compared to the third quarter of 2025, amounting to $9.1 billion.Spanish company's profit jumps
Spanish company Repsol announced a 260 percent increase in its net profit, to 2.7 billion euros.Rise in refining margins
The increase in profits is particularly due to the rise in refining margins—that is, the profit made from transforming a barrel of crude oil into fuel.Shell's refining margin increases
For Shell, profits from refined fuels reached $3.8 billion in the third quarter. Its refining margin increased from $24 per barrel in the second quarter to a record level of $42, due to the global shortage of diesel and the surge in prices.Highest profits since 2022
Overall, the oil industry is achieving its highest profits this year since the invasion of Ukraine by Russia, which had triggered an energy crisis in Europe in 2022.
