Technips Q2 revealed strong Q2 earnings and raised its annual profitability targets as the oil services group saw oil and gas companies spending more to acquire new reserves.

Exxon Mobil saw their profits rise 41 per cent in the second quarter with earnings hitting US$10.7 billion compared to US3.1 billion in the second quarter of 2010, reflecting higher crude oil and natural gas realisations.

Royal Dutch Shells second quarter 2011 earnings nearly doubled on higher oil prices with profits jumping to US$8.66 billion compared with US$4.5 billion in the same quarter a year ago.

Enis Q2 results were affected by the disruption to the company’s oil and gas operations in Libya. Net profit for the second quarter was US$1.78 billion a decrease of 31 per cent compared with the second quarter of 2010.

Chevron reported second quarter net income of US$7.7 billion, up from US$5.4 billion in second quarter 2010 on the back of higher crude oil prices.