Oil giant Shell launches another $3.5 billion share buyback as profit beats expectations

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British oil major Shell

on Thursday reported stronger-than-expected third-quarter profit, citing robust operational performance and higher trading contributions.

Shell posted adjusted earnings of $5.4 billion for the quarter, beating analyst expectations of $5.05 billion, according to an LSEG-compiled consensus. A separate, company-provided analyst forecast had put Shell’s expected third-quarter profit at $5.09 billion.

The London-headquartered firm reported adjusted earnings of $6 billion over the same period last year and $4.26 billion for this year’s April-June period.