Shell reported a strong third-quarter profit of $6 billion on Thursday, beating forecasts by 12% as growth in liquefied natural gas (LNG) sales helped counter significant declines in oil refining and trading. This performance, alongside reduced debt and solid cash flow, could increase investor confidence in CEO Wael Sawan's strategy to prioritize high-profit sectors like oil, gas, and biofuels. Shares rose 3.2% following the announcement, indicating positive market sentiment toward Sawan’s plans to improve performance through 2025.

Refining margins globally have dropped sharply, driven by slower economic activity and new refineries opening in Asia and Africa, while oil prices declined 17% this quarter. Shell's refining and chemicals division saw a steep 70% drop in annual profits, but the company's largest business—its LNG division—offset this with a 13% profit increase. In contrast, French rival TotalEnergies reported third-quarter profits at a three-year low of $4.1 billion, and BP saw a 30% drop to $2.3 billion, the lowest in almost four years.