British oil giant Shell on Thursday reported $6.2 billion profit for the third quarter, roughly in line with estimates, as the company benefited from higher oil prices and refining margins.

Analysts expected adjusted earnings of $6.48 billion, according to an LSEG-compiled consensus.

Profit was higher than the $5.1 billion of the second quarter, but marked a sharp decline from the $9.45 billion reported a year ago, when the Russia-Ukraine conflict bolstered oil and gas prices.

The company also announced a $3.5 billion share buyback to be carried out over the next three months. Shell CEO Wael Sawan said the $6.5 billion set for the second half of the year was now “well in excess” of the $5 billion announced in June.

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets,” Sawan said in a statement.

Free cash flow fell from $12.1 billion in the second quarter to $7.5 billion. Cash capital expenditure rose from $5.1 billion to $5.6 billion.

Energy majors are coming off the back of a record year for profits, which was fuelled by soaring fossil fuel prices.

BP on Tuesday posted a year-on-year fall in third-quarter profit from $8.15 billion to $3.293 billion, below analyst estimates, though France’s TotalEnergies slightly outperformed last week.

Oil prices rose sharply through the quarter on the back of factors including Saudi Arabian and Russian supply cuts, while the International Energy Agency has said oil markets will remain on edge amid the escalation in conflict in the Middle East.