Record Profits for Energy Companies: Prices and Margins Surge

Global energy companies posted strong balance sheets in the third quarter of 2026, driven by rising oil and natural gas prices and increasing refining margins, pushing their profits to record levels. While giants such as Repsol, Shell, and TotalEnergies reported high financial results, supply disruptions and export restrictions pushed refining margins up to $42 per barrel.

Spanish energy company Repsol increased its net profit nearly fourfold in the first nine months of the year to €5 billion, approximately $5.6 billion. Shell's third-quarter revenue reached $92.8 billion, with the company reporting that high natural gas prices played a significant role in the increase on its balance sheet. Meanwhile, TotalEnergies announced a net profit of $8.3 billion for the same period.

Disruptions in oil and natural gas supply in West Asia played a significant role in the increase in energy companies' profits. According to Bloomberg data, refining profit margins, which were around $24 per barrel in the second quarter, rose to $42 in the third quarter. Ukraine's drone attacks on Russia's energy infrastructure and Russia's restrictions on gasoline and diesel exports increased the pressure on global fuel supply.

Shell and TotalEnergies used their increased profits to raise shareholder payouts. Shell Chief Executive Officer Wael Sawan stated that the company achieved very strong financial results, while TotalEnergies Chief Executive Officer Patrick Pouyanne stated that the company benefited from refining margins and the rising natural gas market. BP, Chevron, and ExxonMobil are expected to release their third-quarter financial results.