Middle East war lifts Shell and TotalEnergies profits
Shell and TotalEnergies posted soaring oil and gas profits in the July–September quarter as Middle East supply shocks lifted hydrocarbon prices, refining margins and shareholder payouts.
Shell’s after-tax profit more than doubled year-on-year to $12.1 billion in the third quarter.
TotalEnergies reported a record $8.3 billion net profit for July–September.
Middle East supply disruptions and high refining margins helped lift earnings; Shell’s refining margin reached $42 a barrel.
Both firms raised payouts to shareholders; France urged TotalEnergies to pass diesel-reserve savings to motorists.
BP, Chevron and ExxonMobil were due to report third-quarter results the following day.