Shell's third-quarter earnings rise on record refining margins, stronger gas results
Published . Updated .
Higher refining margins, improved realized LNG prices, and increased gas production supported the results despite continued disruptions to Middle Eastern energy supplies.
Directly affected
- SHEL Shell+0.1% 13d
Named in this report.
Indirectly affected
- UNG United States Natural Gas Fund-7.8% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- XLE Energy Select Sector SPDR+6.2% 30d
Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- CRAK VanEck Oil Refiners ETF
VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story.
- LNG Cheniere Energy+10.3% 30d
Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- XOM ExxonMobil Holdings+10.3% 14d
ExxonMobil Holdings (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story.
- CVX Chevron+8.4% 30d
Chevron (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story.
- EQT Eqt+5.7% 30d
Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- KMI Kinder Morgan+4.2% 7d
Kinder Morgan (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| SHEL | +0.66% | +1.71% | base | +2.44% | after close | after close | after close |
| UNGNo price data for this ticker | — | — | — | — | — | — | — |
| XLE | -1.29% | +1.72% | base | +0.37% | after close | after close | after close |
| CRAKNo price data for this ticker | — | — | — | — | — | — | — |
| LNGNo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -2.14% | +1.35% | base | +0.18% | after close | after close | after close |
| CVX | -1.18% | +1.19% | base | +0.93% | after close | after close | after close |
| EQTNo price data for this ticker | — | — | — | — | — | — | — |
| KMINo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Shell's third-quarter earnings rise on record refining margins, stronger gas results Oil & Gas Journal
Source: Oil & Gas Journal
Price since this story was published: Valero Energy (VLO)
| Company | When | Move | Status |
|---|---|---|---|
| CVX | that day | +0.93% | final price |
| CVX | three days earlier | +1.19% | final price |
| CVX | five days earlier | -1.18% | final price |
| SHEL | that day | +2.44% | final price |
| SHEL | three days earlier | +1.71% | final price |
| SHEL | five days earlier | +0.66% | final price |
| Select Sector Spdr Tr (XLE) | that day | +0.37% | final price |
| Select Sector Spdr Tr (XLE) | three days earlier | +1.72% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -1.29% | final price |
| XOM | that day | +0.18% | final price |
| XOM | three days earlier | +1.35% | final price |
| XOM | five days earlier | -2.14% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 59 days before publication. Filed 25 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, bought ExxonMobil Holdings (XOM), worth $250,001 - $500,000 on 31 Jul 2026. That is 90 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 36 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 57 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Chevron (CVX), worth $15,001 - $50,000 on 26 Aug 2026. That is 64 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 27 Aug 2026. That is 63 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Eqt (EQT), worth $1,001 - $15,000 on 17 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 14 Aug 2026. That is 76 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, sold Kinder Morgan (KMI), worth $1,001 - $15,000 on 31 Jul 2026. That is 90 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. David J. Taylor sold Marathon Petroleum (MPC), worth $1,001 - $15,000 on 22 Sep 2026. That is 37 days before publication. Filed 1 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Valero Energy (VLO) on one side of this energy story
Companies carried with this story
- VLO Valero Energy
In “Shell's third-quarter earnings rise on record refining margins, stronger gas results,” Valero Energy (VLO) is linked, with no stored direction, medium confidence. Reason on file: Valero Energy (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
- MPC Marathon Petroleum
For “Shell's third-quarter earnings rise on record refining margins, stronger gas results,” Marathon Petroleum (MPC) is linked, with no stored direction, medium confidence. Reason on file: Marathon Petroleum (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
- PSX Phillips 66
In “Shell's third-quarter earnings rise on record refining margins, stronger gas results,” Phillips 66 (PSX) is linked, with no stored direction, medium confidence. Reason on file: Phillips 66 (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
- LNG Cheniere Energy
Cheniere Energy (LNG) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “Shell's third-quarter earnings rise on record refining margins, stronger gas results.” Reason on file: Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story
- EQT Eqt
In “Shell's third-quarter earnings rise on record refining margins, stronger gas results,” Eqt (EQT) is linked, with no stored direction, medium confidence. Reason on file: Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story
- UNG United States Natural Gas Fund
In “Shell's third-quarter earnings rise on record refining margins, stronger gas results,” United States Natural Gas Fund (UNG) is linked, with no stored direction, medium confidence. Reason on file: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 29 Oct 2026 story “Shell's third-quarter earnings rise on record refining margins, stronger gas results.” Reason on file: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas” (natural gas) in this story
- CRAK Vaneck Etf Trust
In “Shell's third-quarter earnings rise on record refining margins, stronger gas results,” Vaneck Etf Trust (CRAK) is linked, with no stored direction, medium confidence. Reason on file: VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story
Valero Energy (VLO) and the energy link
Valero Energy (VLO) is the company in “Shell's third-quarter earnings rise on record refining margins, stronger gas results,” the 29 Oct 2026 Energy story.
The link for Valero Energy (VLO) is this: Valero Energy (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
Marathon Petroleum (MPC) is here too. Its reason reads: Marathon Petroleum (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
Dates and price levels for Valero Energy (VLO)
MPC traded between 380.66 and 437.54 across 7 sessions. The latest close on file is 433.40. PSX traded between 252.87 and 299.27 across 20 sessions. The latest close on file is 273.64. VLO traded between 380.74 and 461.55 across 20 sessions. The latest close on file is 388.44.
How strong the case is around Valero Energy (VLO)
46 out of 100
“Shell's third-quarter earnings rise on record refining margins, stronger gas results” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.