Big Oil may see marginally higher oil prices and stronger refining results boost third quarter results after declining earnings over the past year, but some analysts are more interested in how global oil majors set the stage for 2026 when they begin reporting results this week.

British oil major Shell ( SHEL-N ) and French major TotalEnergies ( TTE-N ) will launch earnings season on Thursday and are expected to report 18-per-cent and 11-per-cent increases in adjusted net income, respectively, compared with the second quarter — though both figures are down from a year ago, according to analyst estimates compiled by LSEG.

Oil producers have faced a turbulent year marked by unpredictable trade tariffs and increasing oil output from OPEC+ countries, which have pushed prices down, leading

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