Royal Dutch Shell Plc reported a doubling of net profits in the third quarter compared to the same period last year, thanks to higher oil prices.

Europe’s largest oil company by market value said it’s current cost of supply (CCS) net income was $7.2 billion.

Excluding one-offs, the result was $7.0 billion, ahead of an average forecast of $6.61 billion from a Reuters poll of nine analysts.

CCS earnings strip out unrealised gains or losses related to changes in the value of inventories, and as such are comparable with net income under U.S. accounting rules.

French oil major Total posted higher quarterly earnings on Friday as stronger crude prices and improved profitability in its refining business helped make up for a fall in its worldwide oil and gas production.

Looking ahead, Total said it was optimistic despite a weaker economic environment as conditions for its core oil and gas business remained favourable and big oil and gas finds in Azerbaijan, French Guyana and Norway would fuel its growth.

"During the third quarter, our new bolder exploration strategy paid off with three major discoveries … Over the coming quarters we will continue to pursue this strategy with an active and promising exploration programme," Chairman Christophe de Margerie said in a statement.

France’s biggest company said third-quarter net income, excluding one-offs and unrealised gains or losses related to changes in the value of fuel inventories, was 2.8 billion euros ($4 billion).

In dollar terms, Total’s underlying result was up 24 percent, lagging rivals Royal Dutch Shell and Exxon Mobil , which saw their third-quarter profits rise more than 40 percent.

Reuters