Industry

Algeria’s Sonatrach posted net profits of US$9.52 billion last year, an increase of 148 per cent over 2009 earning of US$3.83 billion.

Marathon Oil reported second quarter 2011 net income of US$996mn which was an increase of 28 per cent compared with profits of US$709mn in the same quarter last year.

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.