Shell outperforms peers with US$5.4 billion Q3 earnings amid gas trading strength

Shell plc reported Q3 adjusted profit of US$5.4 billion, beating forecasts of US$5.09 billion thanks to robust gas trading and upstream production. TotalEnergies earned US$4.0 billion, flat from a year earlier as refining margins rose 76% but oil prices fell. Shell affirmed its US$3.5 billion buyback programme and steady dividends, while analysts see limited earnings risk from lower crude prices due to diversified exposure. European energy stocks rose 0.8% following the results as investors favoured integrated majors over pure exploration firms.