Houston-based international independent EOG Resources Inc. posted the greatest improvement—358%—in net income among 26 international energy companies whose 2011 third-quarter profit was compared with that of their 2010 third-quarter profit. This is according to a recent report by London-based research firm Evaluate Energy.

EOG posted net income of $466.5 million in the quarter, up from $102 million a year earlier. In terms of greatest amount of third-quarter profit, integrated energy giant ExxonMobil Corp. led the 26-company group at $10.33 billion, up 41% from $7.35 billion in third-quarter 2010, the research firm reports in “Big Oil Shines Amidst Economic Gloom.”

“Earnings of this magnitude used to be a regular occurrence for the world’s largest publicly traded oil and gas company, until the credit crisis in the fourth quarter of 2008 derailed profits for the whole industry. Worryingly, however, production has also dropped for three quarters in a row, and stands 4% lower than in third-quarter 2010,” the analysts report.

Besides EOG, other U.S.-based independent E&Ps posting higher profit in the third quarter over that of a year earlier were Apache Corp. (+28%), Devon Energy Corp. (+19%) and Noble Energy Corp. (+8%). U.S.-based integrated oil companies, besides ExxonMobil, posting net-income gains were Chevron Corp. (+108%), Murphy Oil Corp. (+96%), ConocoPhillips Co. (54%) and Occidental Petroleum Corp. (+49%).

Newly independent mid- and downstream operator Marathon Petroleum Corp. posted 312% greater profit in the quarter compared with a year earlier. Its sibling, newly independent E&P operator Marathon Oil Corp., posted a 43% loss.

“The profit levels of the majors in particular offered a reminder of the heyday when oil was repeatedly trading at well above $100 per barrel and gas was trading at sub-$5, outside the imagination of most analysts.”

Share prices of the 26 energy companies, whose combined market cap is $1.6 trillion, have not reflected their profit-producing power, however, the analysts report. “Results reveal that, despite the average post-tax ROACE of the group standing at 12%, the market cap is 5% lower than in third-quarter 2009 when the ROACE stood at just 8.2% and 1% lower than third-quarter 2010, when the ROACE stood at 9.9%.”

The relatively depressed prices reflect continued negative economic sentiment worldwide. Therein is “an indication perhaps that investors have an opportunity,” the firm notes.