Royal Dutch Shell has posted their highest third-quarter profits in four years.
The oil and gas giant saw profits surge by 37% as oil and gas prices increased, driving the growth in profits.
“Good operational delivery across all Shell businesses produced one of our strongest-ever quarters, with cash flow from operations of $14.7 billion,” said chief executive, Ben van Beurden.
Cash generation from operations rose by almost 60% to $12.1 billion (£9.4 billion).
In July, Royal Dutch Shell launched a $25 billion share buyback programme showing confidence in future cash generation and profit growth outlook.
Oil and gas production in the quarter declined 2% from a year earlier.
Profits at BP also increased in the third quarter on the back of stronger oil prices.
Profits in the group more than doubled to $3.8 billion (£3 billion).
“BP has set the bar high for the oil majors in general, delivering a blockbuster set of earnings which have comfortably outpaced expectations,” said Richard Hunter, head of markets at Interactive Investor.
“These numbers reflect a business which is back on its game.”
Shares in Royal Dutch Shell (NYSE: RDS.A) are down almost 1% in pre-market trading.
Shares in BP (NYSE: BP) are also down in pre-market trading.
