Earnings from the integrated gas division reached $4.9bn (£3.9bn), with higher LNG production at Shell’s Prelude project in Australia offsetting falling prices.

To “deliver attractive shareholder returns” the energy giant announced an additional $4bn (£3.18bn) in share buybacks over the next three months.

CEO Wael Sawan said: “In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy. We will commence a $4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns.”