For the first three months of the year, oil and gas giant Shell reported a profit of $9.6 billion (£7.6 billion), which was higher than expected.
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Despite a drop in energy prices, the amount was greater than the same time the previous year.
Following Russia's invasion of Ukraine last year, oil and gas prices skyrocketed, resulting in record profits for fossil fuel companies.
But since the invasion, they have dipped from their peaks.
Wael Sawan, the chief executive of Shell, claimed that despite persistent volatility, the business has produced "strong results and robust operational performance."
By repurchasing part of its shares during the following three months, the business also announced that it will repay $4 billion to stockholders.
Shell claimed that robust trading in its chemicals and refined products division had increased its profitability despite the recent drop in oil prices.
Although they were lower than during the same period in 2022, BP earlier this week reported strong earnings for the year's first three months.
Graph displaying Shell's quarterly earnings
The company Shell announced earnings of $39.9 billion for 2022 in February, which were the greatest in its 115-year history and quadruple those of the previous year.
Energy corporations made large gains as a result of the spike in oil and gas prices that followed the outbreak of the Ukraine conflict, but it also contributed to an increase in home and commercial energy costs.
The Energy Profits Levy (EPL), a windfall tax on profits from UK oil and gas extraction, was instituted by the UK government last year to help pay for its program to reduce gas and electricity costs.
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A typical household's annual energy costs are capped at £2,500 according to the government's Energy Price Guarantee, but this level of assistance will terminate at the end of June.
However, the decline in oil and petrol prices on global markets has sparked optimism that prices will drop below this in July, nullifying the need for the price guarantee.
Following the invasion of Ukraine, oil prices reached highs of nearly $128 per barrel, but have since fallen to about $80.
