Shell nearly doubled its quarterly year-on-year adjusted earnings to $10.8 billion and reported record refining margins, the oil major said Thursday.

Adjusted earnings, the company's measure of net profit, soared from $5.4 billion a year ago, driven by higher commodity prices and a global squeeze on refined products amid Middle East conflict and the Russia-Ukraine war.

Analysts expected the figure to be $9.92 billion, according to an LSEG-compiled consensus.

Indicative refining margins were $42 per barrel, smashing the previous record of $28.04 per barrel in the second quarter of 2022.

The company also announced a $5 billion share buyback for the next three months.

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