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 ℱbillion, or $0.92 per share, beating expectations from ana🥃lysts 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 wi🍌th the strategic direction we set out at our Capital Markets Day in March,” Shell CEO Wael Sawan sa🌃id.

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 u🐠ncertainty.

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