The Shell gas station logo is displayed on February 13, 2025 in Austin, Texas.
Brandon Bell | Getty Images News | Getty Images
British oil major Shell on Thursday reported a significant drop in third-quarter profit on weaker crude prices.
Shell posted adjusted earnings of $5.4 billion for the quarter, beating analyst expectations of $5.05 billion, according to an LSEG-compiled consensus. A separate, company-provided analyst forecast had put Shell’s expected third-quarter profit at $5.09 billion.
The London-headquartered firm reported adjusted earnings of $6 billion over the same period last year and $4.26 billion for this year’s April-June period.
Shell’s London-listed share price has climbed more than 16% year-to-date, outperforming its industry peers.
Norway’s Equinor on Wednesday posted a steeper-than-expected drop in third-quarter profit, with adjusted operating income coming in at $6.21 billion for the July-September period.
U.S. oil giants Exxon Mobil and Chevron are both scheduled to report third-quarter results on Friday, with Britain’s BP set to follow suit on Tuesday.
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