Shell nearly doubles quarterly profit year-on-year as refining margins soar to record high

Shell nearly doubled its quarterly year-on-year adjusted earnings to $10.8 billion and reported record refining margins, the oil major said Thursday. Adjusted earnings, the company's measure of net profit, soared from $5.4 billion a year ago, driven by higher commodity prices and a global squeeze on refined products amid Middle East conflict and the Russia-Ukraine war. Analysts expected the figure to be $9.92 billion, according to an LSEG-compiled consensus. Indicative refining margins were $42 per barrel, smashing the previous record of $28.04 per barrel in the second quarter of 2022. The company also announced a $5 billion share buyback for the next three months.