BP's Q3 underlying replacement cost profit more than doubles and is the highest quarterly result in more than five years. Rising cash flow should also allow BP to fund the entire $10.5 billion BHP deal in cash, rather than using equity to fund half the consideration.

ExxonMobil's shares are down 3% on a disappointing downstream performance in Q2 2018 and further production declines. But core long-term growth engines in Guyana and the Permian continue to strengthen and there were more hints of a new phase of portfolio high-grading.

ExxonMobil has completed the acquisition of a 36.5% stake in Carcara. This is a key step in strengthening what was an underweight position in Brazil's pre-salt sector. The company has also bid aggressively for exciting acreage in recent rounds; upside potential is world-class.

Repsol's shares have rallied on news that dividends will increase 8% per annum to 2020 in its updated 2018-2020 strategic plan. This can all be funded at US$50/bbl Brent while still delivering upstream and downstream growth. Capital discipline was a consistent message on the call

More evidence of improved project execution in the oil and gas sector. Shell brings Kaikias onstream one year ahead of schedule, while capturing a 30% reduction in costs post-FID. Four years from discovery to first production is an exceptionally quick turn-around.