Oil Giants Count Their Billions: Why BP and Shell Are Making Huge Profits - And Who Gets the Money?

BP and Shell are reporting sharply higher earnings, underscoring a debate about where the oil majors’ record profits go as households face high energy costs and governments seek more tax revenue. BP said its third-quarter underlying replacement cost profit reached $8.46 billion on 30 October 2026, up from $2.2 billion a year earlier and above analysts’ $7.33 billion estimate. Shell’s third-quarter adjusted earnings were $10.8 billion, nearly double the $5.43 billion from the prior year and its strongest quarter since 2022. The article links results to more than crude prices—especially refining margins, driven by supply disruptions. It cites Reuters data showing refining margins for Shell and TotalEnergies nearly quadrupled year over year, with Shell around $42 per barrel.