Shell’s Iran War Windfall Has Another Side: SEC Filing Reveals $5.4 Billion Shipping-Lease Shock

Six European oil companies (BP, Eni, Equinor, Repsol, Shell, TotalEnergies) reported $89bn in profits for the first nine months of 2026, more than double the same period last year, driven by higher energy prices due to the war with Iran. Shell and TotalEnergies saw refining profits nearly quadruple, while BP's profit nearly quadrupled, exceeding analyst forecasts. Companies used profits to reduce debt and return cash to shareholders, with Shell cutting its 2026 capital spending guidance by $1bn.

ExxonMobil, Shell, and Chevron reported significant earnings increases this quarter, with $15.4B, $10.8B, and $9.9B respectively, driven by global oil supply disruptions. Brent crude is trading around $113/barrel. Companies are returning profits to shareholders but remain cautious on investments. Executives cited supply shocks and high demand, with no immediate price relief expected. Politicians have proposed windfall taxes on oil profits.

Shell (NYSE:SHEL) announced the acquisition of Tri Star Energy, expanding its retail locations. The company is reallocating capital, selling non-core assets, and focusing on advantaged resources. Shell reported record Products results and positive cash flow in Chemicals. Net debt declined, and the company revised its 2026 capex range. Shell defended its $5 billion buyback plan and discussed energy security, LNG, and Nigerian projects.

ExxonMobil, Chevron, BP, Shell, and TotalEnergies reported combined adjusted net income of $56.3 billion in Q3, driven by high fuel prices due to geopolitical conflicts. ExxonMobil and Chevron saw record refining profits, with ExxonMobil earning $9.05 billion and Chevron $4.93 billion. Companies resisted increasing share buybacks to avoid political backlash. ExxonMobil raised dividends and maintained $20 billion in annual buybacks, while Chevron focused on debt reduction.

Big Oil companies reported combined adjusted net income of $56.3 billion for Q3, driven by high fuel prices due to conflicts in the Persian Gulf and Russia. ExxonMobil and Chevron reported record refining profits, with ExxonMobil earning $9.05 billion and Chevron $4.93 billion. Both companies exceeded analyst estimates and announced share buybacks. BP, Shell, and Total also reported strong results. Oil prices have risen nearly 60% since February due to supply disruptions.

Five oil majors—ExxonMobil, Chevron, BP, Shell, and TotalEnergies—reported $56.3B in combined Q3 adjusted net income, driven by high fuel prices. ExxonMobil's refining division earned a record $9.05B, while Chevron's refineries earned $4.93B. BP's refining and trading business contributed over half of its $8.46B income. Conflict-related disruptions lifted prices, with global fuel-making capacity down 10%. ExxonMobil raised its dividend and maintained a $20B buyback plan.