Shell's (NYSE:SHEL)third-quarter income attributable to shareholders was $12.1 billion, and adjusted earnings rose to $10.8 billion from $9.8 billion in Q2. Shares rose about 3% in trading this morning. Shell also announced a $5 billion buyback for the next three months. The entire gain came from Chemicals & Products, where refining margins hit a record, while every other segment combined was about flat. Chart by author. Source: Company Q3 2026 earnings release. Refiners profit from the refining margin, the difference between what they pay for crude and what they get for fuels. When it widens sharply, much of the extra drops to profit, since costs other than crude barely change. That's why Products, which covers refining and trading, had adjusted earnings of $3.8 billion even as refineries processed less crude than in Q2. Chemicals earned about $0.1 billion. Margins this high rarely last.
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