Shell and TotalEnergies post record profits as Middle East war lifts oil prices

Shell and TotalEnergies reported sharply higher third-quarter net profits as the Middle East war pushed up oil and gas prices. Britain’s Shell said profit after tax more than doubled year-on-year to US$12.1 billion. France’s TotalEnergies posted a new record net profit of US$8.3 billion for the July-September period.

Spanish oil group Repsol quadrupled its net profit over the first nine months of the year to €5 billion, equivalent to about US$5.6 billion. Both Shell and TotalEnergies said they would increase shareholder payouts after strong earnings in the first two quarters of 2026.

“We are asking Total to pass on the benefits of these released barrels — by lowering prices — and to continue capping prices for as long as necessary.”

BP, Chevron and ExxonMobil are scheduled to report their third-quarter results on Friday. Shell’s chief executive Wael Sawan described the quarterly results as very strong despite continued severe disruption to the global energy system.

Critics say rising energy bills and pump prices are driving global inflation and pressuring households and businesses. Across Europe, weeks of protests have broken out over the cost of living, with France seeing nationwide demonstrations this month.

The French government called on TotalEnergies to set an example by passing savings from the release of strategic diesel reserves to consumers. Government spokesperson Maud Bregeon said France hopes releasing 10 million barrels of diesel will cut pump prices by 12 to 18 cents per litre.

European natural gas prices exceeded €100 per megawatt-hour for the first time in four years this week. The rise was linked to difficulties in liquefied natural gas shipments from the Middle East and falling European gas reserves.