BP
Last Tuesday BP reported that profit for the third quarter and nine months of 2017 was $1,769 million and $3,362 million respectively, compared with a profit of $1,620 million and a loss of $382 million for the same periods in 2016. The third-quarter replacement cost (RC) profit was $1,379 million, compared with $1,661 million for the same period in 2016. After adjusting for a net charge for non-operating items of $274 million and net adverse fair value accounting effects of $212 million (both on a post-tax basis), underlying RC profit for the third quarter was $1,865 million, compared with $933 million for the same period in 2016. For the nine months, RC profit was $3,344 million, compared with a loss of $1,071 million a year ago. After adjusting for a net charge for non-operating items of $794 million and net favorable fair value accounting effects of $79 million (both on a post-tax basis), underlying RC profit for the nine months was $4,059 million, compared with $2,185 million for the same period in 2016.

Downstream replacement cost profit before interest and tax for the third quarter and nine months was $2,175 million and $5,448 million respectively, compared with $978 million and $4,263 million for the same periods in 2016. After adjusting for non-operating items and fair value accounting effects, the underlying replacement cost profit before interest and tax for the third quarter and nine months was $2,338 million and $5,493 million respectively, compared with $1,431 million and $4,757 million for the same periods in 2016.

The lubricants business reported an underlying replacement cost profit before interest and tax of $356 million for the third quarter and $1,104 million for the nine months, compared with $370 million and $1,166 million for the same periods in 2016. The result for the quarter and nine months reflects continued premium brand growth, more than offset by the impact of higher base oil prices due to temporary supply constraints and increasing crude oil prices, the company said.

BP reported third quarter revenue of $60,808 million vs. $48,043 million over the same period last year. First nine months revenue was $174,560 million vs. $134,485 million in the same period last year.

Shell
Royal Dutch Shell last Thursday reported a 47 percent rise in quarterly profits. Third-quarter net income attributable to shareholders, based on current cost of supplies (CCS) and excluding exceptional items, was $4.1 billion compared with $2.8 billion a year earlier. Shell said its quarterly profit on a current cost-of-supplies basis—a number similar to the net income that U.S. oil companies report—was $3.7 billion, up from $1.4 billion a year earlier. First nine months net income attributable to shareholders, based on current cost of supplies (CCS) and excluding exceptional items, was $11.5 billion, up 113 percent compared with $5.4 billion a year earlier. Shell said its quarterly profit on a current cost-of-supplies basis was $9.0 billion, up 260 percent from $5.4 billion a year earlier.

The downstream segment reported earnings of $2.7 billion for the third quarter compared to $2.1 billion in the 2016 third quarter. During the quarter, Shell completed divestments totaling $1,156 million, including the sale of its 50% share in SADAF, the petrochemicals joint venture in Al Jubail, Saudi Arabia, and the sale of 10.37 million common units by Shell Midstream Partners, L.P. Shell also announced the start of Retail marketing operations in Mexico.

Downstream first nine months earnings were $7.7 billion compared to $5.9 billion during the first nine months of 2016.

Shell reported third quarter revenue of $75,830 million compared to $61,855 million in the 2016 third quarter. First nine months revenue was $219,757 million compared to $168,824 million during the first nine months of 2016.