Bloomberg reported that in the most recent quarter Exxon Mobile, Royal Dutch Shell, Chevron, Total SA and BP gained cash from operations of nearly $26 billion, a 67% increase from the previous quarter and more than twice the amount in Q1/16.
Bloomberg said the increase is reflective of less spending, increased output and improving crude prices.
Bloomberg did note that cash creation is still below last year’s pace, when the largest oil companies produced $36.5 billion in the third quarter.