It has been largely good news for the oil majors' second Quarter.
Chevron has reported better-than-expected quarterly profits with a net income of $5.7bn compared with $5.4b in the same quarter in 2013. Sales and other operating revenues in second quarter 2014 were $56bn, marginally increased on the same period in 2013.
A positive increase in earnings was also reported by Shell, showing $5.1bn - a significant boost from the $2.4bn recorded for the same quarter a year ago. Higher liquids production volumes and prices, the impact of the strengthening Australian dollar on a deferred tax liability and higher contributions from the company's manufacturing division were all listed as major factors for the stronger performance.
Meanwhile, BP's underlying replacement cost profits increased from $2.7bn in the second quarter of 2013 to $3.6b in Q2 this year, representing a 34% uplift. The company has continued its programme of asset sales, divesting itself of a further $3.4bn-worth towards its expected target of $10bn by the end of 2015.
Strong operational performance lies behind the second quarter results for ConocoPhillips. Earnings of $2.1bn compare favourably with the same period in 2013. However, downstream spin-off, Phillips 66 bucked the positive trend, with second quarter earnings of $863m, compared with first quarter earnings of $1.5bn. However the company's chemicals division still managed to deliver record earnings for the second period.
A 12% decrease in year-on-year adjusted net income was also reported by French major, Total, down to $3.2bn. The first half of 2014 shows figures of $6.5bn, also down 11% on the same period last year. The poor figures were blamed on exceptionally heavy maintenance costs in the company's upstream business.