LONDON, Oct 30, 2025 (BSS/AFP) - British oil and gas giant Shell on Thursday said its net profit rose 24 percent in the third quarter as trading margins and sales volumes improved, despite falling oil prices.

Profit after tax jumped to $5.3 billion in the three months to the end of September, compared to $4.3 billion one year earlier, Shell said in a statement.

"Despite continued volatility, our strong delivery this quarter enables us to commence another $3.5 billion of (share) buybacks for the next three months," said chief executive Wael Sawan.

Stripping out exceptional items, adjusted earnings fell nearly 10 percent but exceeded market expectations.

Shell's net profit struggled in the first half of the year on lower oil and gas prices.

Energy prices have come under pressure this year on concerns that US President Donald Trump's tariffs will hurt economic growth, while OPEC+ nations have produced more oil.

French rival TotalEnergies also reported a sharp rise in third-quarter net profit on Thursday, jumping 61 percent to $3.7 billion.

Norwegian energy giant Equinor, however, on Wednesday reported that it fell into a net loss in the third quarter as it lowered its outlook for oil prices.