Shell Posts $5.4B Q3 Profit on LNG Strength, Maintains $3.5B Share Buyback Amid Lower Oil Prices

Shell reported adjusted earnings of $5.4 billion for the third quarter of 2025, down 10% from last year but surpassing analyst expectations due to strong gas trading and higher upstream and refining margins. Cash flow from operations was $12.2 billion, lower than the previous year but better than forecasts, supported by record production from deepwater assets in Brazil and the Gulf of America and robust LNG and marketing divisions. The company maintained its $3.5 billion quarterly share buyback program, marking the 16th consecutive quarter with buybacks exceeding $3 billion, reflecting confidence in its cash generation and commitment to shareholder returns. Shell's net debt decreased to $41.2 billion, and its gearing ratio remained stable around 19%. Despite lower oil prices and volatile market conditions, Shell expects continued strong production and LNG liquefaction volumes in the fourth quarter while focusing on portfolio discipline and energy transition opportunities. TotalEnergies also posted a slight profit decline, pressured by lower oil prices, but benefited from higher upstream production and European refining margins buoyed by the EU ban on Russian oil product imports.