ExxonMobil, Chevron, Total post strong profits in Q3

The American oil majors ExxonMobil and Chevron Corp. reported an increase of 50% and 52% in profit respectively during the third quarter of 2017.

ExxonMobil’s third quarter net profit surged by almost 50% to $3.97 billion from $2.65 billion recorded in the same period of last year. Chevron’s net income also doubled to $1.95 billion, up from $1.28 billion in the prior-year quarter.

ExxonMobil’s total revenues for the quarter increased by12.8% to $66.17 billion, defying the expectations of $63.20 billion.

Chevron’s total revenues also grew by 20% on a yearly basis to $30.14 billion in the third quarter of 2017.

The increases in ExxonMobil’s profit were mostly attributed to the improved commodity prices as well as its firm upstream and downstream segments.

Chevron, on the other hand, stated that the rise mainly stemmed from better refining margins and higher crude oil prices.

France’s Total S.A, meanwhile, posted a net income of $2.7 billion, up by %28 on a yearly basis in the third quarter, in a company statement dated October 27, 2017. Total attributed the increase in net income to major production ramp-ups and reduced operating costs.

The company’s sales stood at $43 billion in the third quarter of 2017, up from $37.41 billion recorded in the same of quarter of last year.