“Profit after tax jumped to US$5.3 billion in the three months to the end of September, compared to US$4.3 billion one year earlier,” Shell said in a statement.

“Despite continued volatility, our strong delivery this quarter enables us to commence another US$3.5 billion of (share) buybacks for the next three months,” said chief executive Wael Sawan.

Stripping out exceptional items, adjusted earnings fell nearly 10% but exceeded market expectations.

Shell’s net profit struggled in the first half of the year on lower oil and gas prices.

Energy prices have come under pressure this year on concerns that US President Donald Trump’s tariffs will hurt economic growth, while Opec+ nations have produced more oil.

French rival TotalEnergies also reported a sharp rise in Q3 net profit today, jumping 61% to US$3.7 billion.

Norwegian energy giant Equinor, however, reported yesterday that it fell into a net loss in Q3 as it lowered its outlook for oil prices.