A strong start to 2010 was recorded by the major oil producers as Q1 results were reported at the end of April.
Royal Dutch Shell announced a 57% net profit boost at $5.48bn from $3.49 for the same period in 2009. Oils sales prices lifted 74% and refining earnings were up 11% to $1.33bn from an almost equivalent loss for the last quarter of 2009. Refining earnings leapt due to an increase in prices between oil being pumped and leaving Shell's refineries. Shell's oil business offered support against its natural gas operations where prices had slowed.
BP showed an even greater percentage shift in profits with $6.08bn accounting for a 138% improvement from the same time last year, although this included a number of one-off items and unsold inventory. Revenues also lifted to more than $74bn, 55% up on Q1 2009.
For ExxonMobil's profits were up 38% at $6.3bn, although below market expectations. Revenues increased from a fraction over $64bn in 2009 to $90.25bn for this year's Q1. Although downstream margins were weaker, according to CEO rex Tillerson, higher crude and chemical margins helped the company. However, an estimated $200m was wiped off the earnings figure due to recent changes in US healthcare legislation.
Elsewhere, France's Total SA saw a 14% net profits boost for the quarter to €2.61bn ($3.5bn) thanks to higher production and rising oil prices. Sales lifted 25% to €37.6bn ($48.5bn although downstream operation profits dropped a significant 74% for the quarter.
A $12bn increase in Q1 sales an operating revenues to a total of $47bn helped lift Chevron's earnings to $4.55bn, a significant improvement on the same period last year of $1.84bn. Asset sales were offset by foreign currency fluctuations and employee reduction costs.
And finally ConocoPhillips improvedits figures with earnings up to $2.1bn this year from $800m for Q1 in 2009 helped by strong exploration and production earnings, although midstream earnings and reining and marketing posted losses.