Shares of oil giant Shell reached an all-time high after the company reported better-than-expected third-quarter earnings and increased its share buyback programme to $5bn.

Adjusted earnings almost doubled to $10.8bn in the three months to September, from $5.4bn a year earlier and ahead of analysts’ expectations of $10.3bn. Shell’s indicative refining margin rose to $42 per barrel, from $24 in the second quarter, while net debt fell to $39.7bn despite its acquisition of ARC Resources.

CEO Wael Sawan said: "Shell's relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system. I'm grateful to Shell's teams around the world who continue to work tirelessly to produce and supply the energy our customers need.

"Our strong delivery allows us to announce a $5 billion share buyback programme for the next three months."

The company will buy back $5bn of shares over the next three months, up from $3bn previously, with the programme expected to be completed before its fourth-quarter results.

Shell also pointed to investment in its integrated gas business following the completion of the ARC Resources acquisition and a final investment decision on LNG Canada Phase 2.

Shares of the FTSE 100 firm rose 3.4% to £40.90 in London trading Thursday.

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