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Chevron and Total see profits jump on higher oil price | |
(about 11 hours later) | |
Oil giants Chevron and Total have reported sharp rises in third quarter profits, in line with other global oil and gas giants. | |
Chevron saw net profit more than double to $7.8bn (£4.8bn) in the three months to the end of September, against a year earlier. Sales rose sharply to $61.3bn. | |
Total's net income rose 13% to 2.8bn euros ($4bn; £2.5bn), with sales rising to 46.2bn euros. | |
All major oil and gas companies have benefited from higher oil prices. | |
On Thursday, ExxonMobil and Royal Dutch Shell said higher gas and oil prices pushed up profits. | On Thursday, ExxonMobil and Royal Dutch Shell said higher gas and oil prices pushed up profits. |
'Favourable conditions' | |
"We had another successful quarter, with both strong earnings and cash flow," said Chevron's chief executive John Watson. | |
"Current quarter earnings for our upstream operations benefited from higher crude oil prices on world markets." | |
France's Total said the outlook for the rest of this year was positive. | |
"The group begins the fourth quarter confident in an environment where conditions remain favourable for the upstream and refining margins are slightly improved," it said a statement. | "The group begins the fourth quarter confident in an environment where conditions remain favourable for the upstream and refining margins are slightly improved," it said a statement. |
However, shares in the company fell 1.9%, as it said hydrocarbon production had slipped 0.9% because of disruptions from the civil war in Libya. | |
On Thursday, Anglo-Dutch rival Shell reported that profits doubled to $7.2bn in the third quarter, compared with $3.5bn during the same period a year ago. | |
At Exxon, meanwhile, profits increased by 41% to $10.3bn. | At Exxon, meanwhile, profits increased by 41% to $10.3bn. |
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