Oil refining brings super profits: Shell, TotalEnergies and Sinopec sharply increased their income The world's largest oil and gas companies reported sharp growth in profits in the third quarter of 2026. High oil prices and increasing refining margins have provided companies with significant revenue growth. Moreover, some producers increased profits also against the background of a reduction in refining and fuel sales. Shell earned $10.81 billion in adjusted profit, almost double the corresponding level last year ($5.43 billion). Oil refining margins reached $42 per barrel compared to $11.6 a year ago. The company increased its quarterly share buyback plan from $3 billion to $5 billion. TotalEnergies increased its adjusted net income by 127%, to $9.1 billion from $4 billion in the previous year. The refining margin indicator in Europe rose to $33.2 per barrel compared to $13.5 in the second quarter. The company's refining volume increased to 1.56 million barrels per day. China's Sinopec increased its quarterly net profit by 57.2%, to 13.36 billion yuan (about $2 billion), despite a reduction in oil refining during the nine months by 10.2%, and in sales of petroleum products by 11.4%. At the same time, the operating profit of the oil refining division increased more than four times - from 7 billion to 30.1 billion yuan. Sinopec's investment policy is particularly telling. Over the course of nine months, the company's capital investments reached 74.5 billion yuan (about 11.2 billion dollars), of which 56.8% were allocated to geological exploration and deposit development. Therefore, the company continues to invest in the development of its resource base, despite the decline in refining and fuel sales. PetroChina also increased its third-quarter net profit by 21.6%, to 51.84 billion yuan (about $7.78 billion). At the same time, for nine months, oil refining decreased by 3.7%, and sales of gasoline, diesel and jet fuel - by 5.1%.

Oil refining brings super profits: Shell, TotalEnergies and Sinopec sharply increased their income The world's largest oil and gas companies reported sharp growth in profits in the third quarter of 2026. High oil prices and increasing refining margins have provided companies with significant revenue growth. Moreover, some producers increased profits also against the background of a reduction in refining and fuel sales. Shell earned $10.81 billion in adjusted profit, almost double the corresponding level last year ($5.43 billion). Oil refining margins reached $42 per barrel compared to $11.6 a year ago. The company increased its quarterly share buyback plan from $3 billion to $5 billion. TotalEnergies increased its adjusted net income by 127%, to $9.1 billion from $4 billion in the previous year. The refining margin indicator in Europe rose to $33.2 per barrel compared to $13.5 in the second quarter. The company's refining volume increased to 1.56 million barrels per day. China's Sinopec increased its quarterly net profit by 57.2%, to 13.36 billion yuan (about $2 billion), despite a reduction in oil refining during the nine months by 10.2%, and in sales of petroleum products by 11.4%. At the same time, the operating profit of the oil refining division increased more than four times - from 7 billion to 30.1 billion yuan. Sinopec's investment policy is particularly telling. Over the course of nine months, the company's capital investments reached 74.5 billion yuan (about 11.2 billion dollars), of which 56.8% were allocated to geological exploration and deposit development. Therefore, the company continues to invest in the development of its resource base, despite the decline in refining and fuel sales. PetroChina also increased its third-quarter net profit by 21.6%, to 51.84 billion yuan (about $7.78 billion). At the same time, for nine months, oil refining decreased by 3.7%, and sales of gasoline, diesel and jet fuel - by 5.1%.