Reuters reported that Chevron Corporation and Total have posted higher quarterly profits, the latest two major oil companies to reap the benefit of firm oil prices and rosier refinery conditions.

The Q3 profits from Total and Chevron capped a week of earnings figures that saw gains at Exxon Mobil, Royal Dutch Shell and BP as benchmark Brent oil prices hover near USD 112 per barrel nearly 50% higher than the year earlier quarter. Still, oil prices were slightly down from the Q2 of the year, which helped the company’s refineries to post higher margins and profits.

Chevron Corporation the second largest US oil company behind Exxon said that its profits more than doubled helped by a gain of about USD 500 million from the sale of its Pembroke refinery to Valero Energy Corporation. Total's profits climbed a more modest 24% but met market expectations as its output fell by 1% because of disruptions in Libya.

Chevron also posted a decline in output to 2.6 million barrels of oil equivalent per day down from 2.74 million a year ago. It July, a slower Gulf of Mexico project ramp up and a Thai pipeline problem would trim its 2011 production by about 30,000 barrels per day. Like their peers, Chevron and Total have struggled to increase oil production in recent years.

Disappointment about the trend has hit oil stocks and Total has been punished by investors more harshly than its rival until a rally that has lifted its stock 27% since September 26th 2011 when it raised its 2010 to 2015 average output goal to 3% per year from 2%.

Total has made over USD 10 billion of acquisitions in the past 18 months, expanding its geographical footprint beyond its historical heartland of Africa to Australia, Canada and Russia.

(Sourced from Reuters)