Total headquarters near Paris.
French oil major Total SA said second-quarter underlying profit soared thanks to higher oil prices, strong production and a recovery in refining, which also boosted smaller Portuguese rival Galp.
Echoing a trend across the sector, Total reported a strong rise in output, up 8 per cent in the quarter compared with the same period last year, driven by soaring gas production as crude output stayed flat.
Total said second-quarter profit, excluding one-offs and unrealized gains or losses related to changes in the value of fuel inventories, jumped 72 per cent to €2.96-billion ($3.9-billion U.S.), ahead of an average forecast of €2.69-billion from a Reuters poll of seven analysts.
"Total has delivered significant year-on-year improvements across all of its businesses," said Richard Griffith, oil analyst at Evolution Securities.
In dollar terms, the underlying result was up 60 per cent, against a 34 per cent rise in profits calculated on a similar basis at Royal Dutch Shell, Europe's largest oil company by market value, and an 85 per cent rise at Texas-based Exxon Mobil , the industry leader.
Total, Europe's largest refiner, was also boosted by a recovery in refining margins, with profits in the crude processing division almost trebling.
Higher refining margins also buoyed Portuguese oil company Galp Energia, which on Friday posted a 110 per cent rise in second-quarter net profit, adjusted to reflect changes in the company's stocks of crude, of €109-million.
The year-on-year rise was exacerbated by a drop in refining volumes in the same period last year due to a fire at Galp's Sines plant.