Quarter Two mixed for the oil majors and lubes producers in the latest round of figures.
Following a strong showing by BP, Chevron reported a 43% uplift of earning year-on-year at $7.7bn, helped by a 31% improvement in sales and operating revenues for the period. The figures were a fraction below the company's quarterly record, set in Q3 2008 at $7.9bn.
There was also a significant improvement for Shell, which nearly doubled its Q2 profits to a little more than $8.6bn, a massive 97% up on 2010. Much of this included rationalisation activities and tax credits, offsetting a seven percent fall in downstream operations profits, on a CSS basis, although this was marginally improved by the non-CSS contribution of asset sales in Latin America. Upstream volumes improved by two percent.
ExxonMobil also delivered good news to its shareholders, with a 41% increase in profits at $10.6bn, from $7.56 in Q2, 2010. Like Chevron, Exxon came close to setting a corporate record, with it second highest profits numbers since Q3 of 2008. US refining earnings were up and overall revenue saw a 36% rise to $125.5bn.
There was less positive news for ConocoPhillips and lubes maker Valvoline. Despite a 34% improvement in revenue, at nearly $67bn, Conoco's net income for Q2 was down 18% at $3.4bn from $4.16bn, although refining and marketing earnings were slightly higher. The figures meant Conoco's first half was largely flat with only a marginal impovement in year-on-year earnings.
Meanwhile lube producer Valvoline's earnings saw a 26% year-on-year dip for Q2 at $61m, 11% off the previous Quarter, despite a 13% improvement in sales. Although lube volume dropped by 4%, overall sales reached $522m. The lower numbers were the result of increasing raw material prices, with Valvoline's own price hikes yet to appear in the figures. Valvoline's numbers did not help parent company, Ashland, with it Q3. The company showed earnings of $194m, against $207m the previous year, with operating income down 13% at $120m.