Positive third quarter 2018 oil and gas results

BP reveals highest quarterly result in more than five years, reflecting general upward trend.

BP has reported a strong underlying replacement cost profit for the third quarter of 2018 of $3.8bn, more than double the previous year and the highest quarterly result in more than five years. Group Chief Executive Bob Dudley said the company's strong earnings have been driven by high reliability and major project delivery.

Shell has posted a $17.7bn income attributable to shareholders for the first nine months of 2018, up 94% on the $9.1bn in same period last year.  Q3 2018 income was $5.8bn, down from $6bn in the previous quarter, but showed a 43% improvement on the same Quarter in 2017.

Chevron announced  a twofold increase in earnings for third quarter 2018 ($4.0bn) compared with the same period last year. Sales and other operating revenues were $42bn compared to $34bn in 2017. Chairman and CEO Michael Wirth commented: “Our strong financial results reflect higher production and crude oil prices coupled with a continued focus on efficiency and productivity.”

Posting a 57% increase in earnings was ExxonMobil, reporting $6.2bn for the third quarter 2018, up from $4bn a year earlier. The first nine months of 2018 showed a 31% increase in earnings compared to the same period last year.

With oil prices increasing by 44% to $75 a barrel, Total has posted a 35% year-on-year increase in adjusted net income for the 2018 nine month period. Their Q3 2018 adjusted net income was $4bn up 48% on the same time last year.

Europe's Fuchs has seen a 5% increase in Q3 sales revenue against last year's performance, from €1.86bn to €1.95bn. Earnings (EBIT) increased by 1% to €285m. According to the company, "the generally positive economic environment is clouding over due to increasing trade disputes and economic uncertainties in different countries."

ConocoPhillips has reported Q3 2018 earnings of $1.9bn, against $0.4bn in 2017. Sales and other operating revenues for the company increased from $6.68bn in Q3 2017 to $9.44bn in the same period this year.

Continuing the positive news, Phillips 66 announced Q3 2018 earnings of $1.5bn compared with $1.3bn in the second quarter of 2018. Excluding special items of $36m, adjusted earnings were $1.5bn, up $0.2bn on the previous period.