Shell & ExxonMobil Follow BP with Record Profits

Shell beat City expectations with third-quarter current-cost-of-supply profits — which strip out unrealised inventory gains and losses — up 74% to $10.9bn (£6.7bn). Exxon Mobil, the world's largest oil company, smashed its own record for the highest quarterly earnings by a US firm by delivering a profit of $14.83bn.

Shell said it had benefited from higher oil and gas prices.  Chief financial officer Peter Voser, who will take over from Van der Veer next summer, said the company was on track to reach its target of asset sales of $5bn this year, although he acknowledged the credit crunch was curbing the number of buyers.

Exxon also benefited from the high price of crude oil. Its profits amounted to $162m a day, despite disruption in the Gulf of Mexico by two hurricanes Gustav and Ike.

"Despite the continuing uncertainty in world financial markets, ExxonMobil has maintained a strong financial position," said the chairman, Rex Tillerson. Capital investment of $19.3bn this year had made "a substantial contribution to employment and economic activity in the countries in which we operate," he said.

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