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(Bloomberg) — Shell Plc saw continued strong performance from its natural gas and upstream businesses in the third quarter, even as oil-refining margins declined and it expects to lose money in chemicals.

Integrated gas production during the period was likely 920,000-960,000 barrels of oil-equivalent a day, in line with second-quarter output, the company said in a trading update Monday. 

Shares rose as much as 0.7% in early trading in London. 

“The positives outweigh the negatives, with both the upstream and integrated gas likely to see upgrades,” said Biraj Borkhataria, head of European energy research at RBC Europe Ltd. 

European gas prices rose 13% in the third quarter. The market has been volatile, with price increases due to factors including unplanned outages and concerns over continued supply from Russia via Ukraine. 

Separately, the margin earned for refining crude dropped 29% in the period to $5.50 a barrel, Shell said. That metric actually ticked higher for chemicals, but the company nevertheless said it expects a “marginal loss” in the business. 

Shell’s largest rival, Exxon Mobil Corp., warned last week that lower oil prices and weaker refining margins would curb its third-quarter earnings by $1.6 billion. Brent crude, the international benchmark, plunged by 17% in the period amid growing concerns about the strength of China’s economy. 

The unexpected weakness in what is typically one of the strongest seasons for demand has forced big players in the oil market to adjust, with the Organization of Petroleum Exporting Countries and its allies delaying the restart of some idle production. Prices have since rebounded due to tensions in the Middle East. 

While the international majors are braced for weaker profits, there’s so far no sign that they’ll curtail returns to investors. French oil and gas producer TotalEnergies SE has pledged to maintain buybacks and keep boosting dividends next year thanks to the roll-out of new projects.

Shell will publish its full third-quarter results on Oct. 31.