British oil major Shell reported a first-quarter adjusted profit of $5.58 billion on Friday, exceeding analyst expectations of $5.09 billion, as per an LSEG consensus, and a company-provided forecast of $4.96 billion.

The robust performance, though down more than 25% from the same period last year, prompted Shell to sustain its share buyback program at the current pace.

Shell posted adjusted earnings of $7.73 billion for Q1 2025, down about 28% from the same quarter last year.

However, this marks a significant rebound from the $3.66 billion recorded in Q4 2024. Following the report, Shell’s shares climbed nearly 3% shortly after the market opened.

Shareholder returns from shell have drawn increasing scrutiny as industry profits decline from the record highs of 2022.

Investor confidence has been shaken in recent months by weak demand forecasts, declining crude prices, and uncertainty surrounding U.S. President Donald Trump’s shifting trade policies.

Shell announced a $3.5 billion share buyback program on Friday, set to be completed over the next three months. This marks the 14th consecutive quarter of buybacks totaling at least $3 billion, according to the company.

Shell CEO Wael Sawan referred to the earnings as “another solid set of results.”

“Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March,” Sawan said in a statement.

Shell confirmed its reduced annual investment budget for 2025, setting it between $20 billion and $22 billion.