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Shell ( SHEL ) shares climbed Friday after the energy giant posted stronger-than-expected quarterly results and announced a $3.5 billion share buyback program.

Shell posted first-quarter adjusted earnings of $5.58 billion, or $0.92 per share, beating expectations from analysts polled by Visible Alpha.

The company said its $3.5 billion buyback plan, the same as in the fourth quarter of 2024, marked its 14th consecutive quarter of authorizing at least $3 billion in share repurchases.

“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,” Shell CEO Wael Sawan said.

Like rival BP ( BP ), Shell is in the midst of pivoting away from a low-carbon strategy. These results are its first since it said in March at its capital markets day that it would grow its upstream and integrated gas business by 1% annually through 2030. Unlike Shell, however, BP cut its first-quarter share buybacks amid economic uncertainty.

Shell shares rose about 3% in early trading Friday and have added about 6% since the start of the year.

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