Royal Dutch Shell last Tuesday reported third-quarter net income of $1.38 billion, on revenue of $61.86 billion in the period, after reporting a loss in the same period a year earlier. BP also last Tuesday reported third-quarter profit of $1.62 billion on revenue of $47.05 billion in the period.

Royal Dutch Shell reported that its third quarter 2016 CCS earnings attributable to shareholders were $1.45 billion compared with a loss of $6.12 billion for the same quarter a year ago. Third quarter 2016 CCS earnings attributable to shareholders excluding identified items were $2.79 billion compared with $2.38 billion for the third quarter 2015, an increase of 18%. Compared with the third quarter 2015, CCS earnings attributable to shareholders excluding identified items benefited from increased production volumes mainly from BG assets, lower operating expenses more than offsetting the increase related to the consolidation of BG, and lower well write-offs. This was partly offset by the decline in oil, gas and LNG prices, and increased depreciation mainly resulting from the BG acquisition, and weaker refining industry conditions. Downstream third quarter earning were $2.08 billion compared to $2.62 billion in the third quarter of 2015. Upstream third quarter earning were $4 million compared to a loss of $582 million in the third quarter of 2015. Third quarter revenue was $$61.86 billion.

BP Plc reported a 49 percent decline in third-quarter earnings. Replacement cost profit, or profit adjusted for one-time items and inventory changes, dropped to $933 million from $1.8 billion a year earlier. On an underlying replacement cost basis (profit adjusted for one-time items and inventory changes dropped), BP reported a profit for the third quarter of 2016 of $933 million. This compares to $720 million profit for the previous quarter and $1.8 billion for the third quarter of 2015. BP’s Upstream segment reported an underlying pre-tax replacement cost loss of $224 million, compared with profits of $29 million for 2Q 2016 and $823 million for 3Q 2015. BP’s Downstream segment underlying pre-tax replacement cost profit was $1.4 billion, compared with $1.5 billion for 2Q 2016 and $2.3 billion for 3Q 2015. BP estimated its share of Rosneft net income for the third quarter to be $120 million, compared with $246 million for 2Q 2016 and $382 million for 3Q 2015. In July BP received a dividend from Rosneft of $332 million, representing 35% of BP’s share of Rosneft’s 2015 IFRS net income. At the end of the third quarter, BP’s net borrowings totaled $32.4 billion, up from $25.6 billion a year earlier. Net debt to capital, or "gearing", was at 26 percent, compared with 20 percent previously. Third quarter revenue was $47.05 billion.

ExxonMobil, Chevron, Total and Phillips 66 reported their third quarter 206 earning last week.