Profits at Chevron more than doubled in the third quarter, as record oil prices and bigger margins pushed earnings at the US’s second largest oil and gas company well beyond Wall Street’s expectations.

Net profit was $7.9bn or $3.85 per share, up from $3.7bn or $1.75 per share in the same period a year ago and ahead of analysts’ average forecasts of $6.55bn or $3.27 per share. Excluding extraordinary items, net profit was $3.94 per share, above expectations of about $3.27. Revenues rose by 43 per cent to $78.9bn, below average estimates of $89.4bn.