Shell increased its third quarter profits as revenues were boosted by higher energy prices and as the company doubled down on its fossil fuel strategy.

The oil giant said its adjusted earnings reached $6.2bn (£5.1bn) in the three months to September, up from $5.1bn (£4.2bn) in the previous three months.

The result was only $24m (£19.7m) behind expectations, unlike BP which missed its forecast underlying replacement cost profit by around $700m (£575m), causing shares to plummet on Tuesday.

The increase, which was largely in line with what analysts had expected, came as it enjoyed higher oil prices, better margins from Shell’s refining business and more production from its upstream unit.

The business announced it would buy back $3.5bn dollars (£2.9bn) of shares from investors over the next three months, an increase from $3bn in the previous period.

Chief executive Wael Sawan said: “Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets.”

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