The company also rose in revenues to $92.8 billion in Q3 2026, up from $68.2 billion a year earlier, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $22.7 billion from $14.8 billion over the same period.
“Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system,” said Wael Sawan, CEO of Shell.
Net income attributable to Shell shareholders reached $12.1 billion, up from $5.3 billion a year earlier. The company announced a $5 billion share buyback program over the next three months.
During the quarter, Shell has expanded in its gas business and done major asset sales across its portfolio.
In the gas business, Shell completed its acquisition of ARC Resources Ltd., adding approximately 370,000 barrels of oil equivalent per day (boe/d) across its liquids and gas businesses.
The company also took a final investment decision (FID) on LNG Canada Phase 2, which will double the facility’s production capacity from 14 million tons per year (mt/y) to 28 mt/y. Shell holds a 40% stake in the project and expects to receive nearly 6 mt/y of additional LNG from the expansion, with commercial operations scheduled to begin in the early 2030s.
“We are further investing in our advantaged Integrated Gas business with the completion of the ARC Resources Ltd. acquisition and the final investment decision on LNG Canada Phase 2, supporting Shell’s long-term cash flow growth,” Sawan said.
Shell also agreed to sell its 35% non-operated interest in Cyprus’ offshore Block 12, which contains the Aphrodite gas field, for up to $720 million. The transaction is expected to close in early 2027.
In addition, the company completed the sale of its 50% non-operated interest in the Na Kika platform and associated fields in the Gulf of America, alongside its wholly owned Coulomb tieback, for approximately $840 million in cash proceeds, subject to adjustments between the July 1, 2025 effective date and closing.
As for Shell’s renewables business, it agreed to sell 100% of Solenergi Power Private Limited, including the Sprng Energy group, to Aditya Birla Renewables Limited for $1.8 billion. The transaction is expected to close by the end of 2026, subject to regulatory approval and closing conditions.
In August 2026, Shell also agreed to sell its European onshore renewables portfolio, comprising operational and development-stage assets across Italy, the Netherlands, Spain, and the UK. The portfolio includes approximately 0.5 GW of renewable generation capacity in operation and development, alongside a pipeline of future projects. Completion is expected by the end of 2026, subject to regulatory approvals.
In September 2026, Shell signed an agreement to acquire Hunlock Creek Generating LLC, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania. It also agreed to sell its interests in RISEC Holdings LLC, which owns a 609 MW power plant serving the New England electricity market, for $715 million. Both transactions are subject to regulatory approvals and are expected to close in the first quarter of 2027.
