British oil big Shell on Thursday reported stronger-than-expected first-quarter revenue, boosted by greater refining margins and sturdy oil buying and selling.

Shell reported adjusted earnings of $7.7 billion for the primary three months of the 12 months, beating analyst expectations of $6.5 billion, in response to an LSEG-compiled consensus.

A 12 months earlier, the corporate posted adjusted earnings $9.6 billion over the identical interval and $7.3 billion for the ultimate three months of 2023.

Shell CEO Wael Sawan described the outcomes as “one other quarter of robust operational and monetary efficiency.”

The corporate introduced a $3.5 billion share buyback program, which it expects to finish over the subsequent three months. Its dividend stays unchanged.

Shell shares are up practically 10% year-to-date.

Shell’s first-quarter revenue was down roughly 20% in comparison with the identical interval a 12 months earlier, reflecting a broader vitality business development. 

U.S. oil giants Exxon Mobil and Chevron, in addition to France’s TotalEnergies and Norway’s Equinor, all reported a steep year-on-year fall in first-quarter earnings final week.

The world’s largest oil and gasoline majors posted report full-year earnings in 2022 following Russia’s full-scale invasion of Ukraine. Extra lately, nevertheless, revenues have been hit by tumbling gasoline costs.

Spot gasoline costs in Europe have fallen greater than 45% during the last 12 months, due partially to gentle winter climate and an abundance of provides.

Shell’s British rival BP is scheduled to report its first-quarter earnings on Could 7.