Shell has won UK government approval for its Jackdaw gas field project in the North Sea. The approval came in late 2026. Jackdaw is set to add to domestic gas supply while UK energy security concerns remain high. Analysts expect the project to influence merger and acquisition activity in the North Sea as larger groups review their portfolios. The field fits Shell's existing focus on liquefied natural gas (LNG) and gas. In the third quarter of 2026, the £230.2b group reported revenue of $95.3b and net income of $12.1b. It also paid an interim dividend of $0.3906 per ordinary share and continued share buybacks. Investors will watch how Shell reflects Jackdaw in future production updates.

Six of Europe's biggest oil companies made $89bn in profit in the first nine months of 2026, up 102% on the same period last year, according to campaign group Global Witness. BP, Eni, Equinor, Repsol, Shell, and TotalEnergies earned $38bn between July and September alone. The war with Iran, which began on February 28, has disrupted shipping through the Strait of Hormuz and pushed up oil, gas, and fuel prices. Brent crude reached about $117 a barrel on Friday, against $60 to $70 before the war. Shell's third-quarter adjusted earnings nearly doubled to $10.8bn, while TotalEnergies' more than doubled to $9.1bn. BP's underlying profit nearly quadrupled to $8.5bn. The companies mainly paid down debt and returned cash to shareholders. The European Union is examining a bloc-wide windfall tax, which the industry opposes.

Shell reported third-quarter 2026 net income attributable to shareholders of $12.1bn, up 128% from $5.3bn a year earlier. Record refining margins and high commodity prices drove the gain. Adjusted earnings rose 99% to $10.8bn. Cash flow from operations climbed 72% to $21.0bn, and free cash flow reached $16.3bn, against $10.0bn a year ago. Chemicals and Products led the increase, with adjusted earnings of $3.9bn versus $550m. The global indicative refining margin rose to $42 per barrel from $11.6. Shell announced a $5bn share buyback for the next three months, up from $3.5bn. Net debt fell to $39.7bn from $41.2bn. The company completed its ARC Resources acquisition and took a final investment decision on LNG Canada Phase 2. It expects a non-cash loss of about $6.4bn in the fourth quarter tied to its Netherlands pension plan.