Shell and ExxonMobil declared significant improvements to their profitability in 2010.
A Q4 boost in Royal Dutch Shell's earnings at $5.7bn from $1.2bn in 2009 helped complete a successful year with overall current cost of supplies (CCS) earnings reaching $18.6bn almost double those of the previous year.
The figures were helped by production growth, improvements in cost performance and rising oil prices. The company also had plenty of resource available for acquisition and exploration, spending $7bn and $3bn respectively on these activities.
The balance moved towards parity between the company's oil and gas production, with gas volumes set to overtake oil output in 2012. Shell also announced an aggressive investment programme for 2011 with CEO Peter Voser setting expectations of between $25-27bn expenditure over the next year.
Meanwhile, ExxonMobil saw a 57% uplift in earnings at $30.5bn excluding special items, helped by higher oil and gas prices, stronger refining margins and a record performance from the company's Chemical division.
As with it's European rival, US-based Exxon is also pursuing aggressive capital and exploration expenditure with a record $32.3bn of investment in 2010. Q4 earnings improved by 53% at $9.25bn from $3.2bn in the previous year, with oil-equivalent production up 19% year-on-year.
Earnings from the company's chemical production set record levels at $4.9bn helped by better markings and increased volumes and product sales.