Shell, BP, TotalEnergies, Eni, Equinor, ExxonMobil, Chevron, and ConocoPhillips score $29 billion

In the midst of geopolitical and economic upheavals, trade wars, climate change concerns, volatility and drop in energy prices rounded with uncertainty that continues to cloak the global oil market outlook, the European and U.S. oil majors – the UK’s duo Shell and BP, France’s TotalEnergies, Norway’s Equinor, and Italy’s Eni alongside U.S.-based trio: ExxonMobil, Chevron, and ConocoPhillips – have managed to come on top yet again, displaying the resilience of the energy sector with performance and quarterly results that show a combined profit of around $28.73 billion.

Given the current brand of challenges the world at large is facing, energy security remains at the forefront of countries’ current and future agendas to stave off, mitigate, and manage potential energy supply shortfalls, disruptions, and crises. At the end of April 2025, the International Energy Agency (IEA) and the UK government hosted an international summit that revolved around the future of energy security, looking at the geopolitical, technological, and economic factors affecting energy security at the national and international levels.

While reviewing the trends shaping global energy security and reflecting on the tools needed to address traditional and emerging energy security risks, the summit gave decision-makers a chance to discuss and delve into changes in demand, supply and trade of major fuels; the expanding role of electricity in many energy systems; the growth of clean energy technologies and their supply chains; and the availability of the minerals and metals required for many clean energy technologies.

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The summit ended with a strong signal of renewed international cooperation and resolve to confront a major global challenge of securing the energy systems of today and tomorrow. Emphasizing the need for a “holistic approach to energy security,” the summit spotlighted the overlapping pressures that are reshaping the global energy system, as clean technologies – such as wind, solar, nuclear and battery storage – are being deployed to lend a helping hand in curbing reliance on fossil fuel imports and protect consumers from price volatility.

While safeguarding oil and gas supplies and maintaining emergency response mechanisms remain critical, the IEA points out that participants also agreed on the need to encapsulate newer dimensions into the future energy security pursuits and roadmaps, such as cybersecurity, extreme weather events, supply chain resilience for critical minerals and clean technologies, and integration of electrified and decentralized systems.

This showcases the importance of energy access and affordability as fundamental to national and international security. While emission reduction efforts need to be upped, delegates are said to have acknowledged the rise in affordability concerns even in advanced economies, where low-income households are disproportionately affected by energy costs.

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The potential of artificial intelligence and advanced analytics to improve forecasting, efficiency, and resilience was widely acknowledged, as energy systems have become more digital and interconnected, but the growing exposure of critical infrastructure to cyber threats was flagged, illustrating the need to embed resilience from the outset through regulation, investment and international coordination. 

According to the IEA, participants were adamant that transitions to clean energy must be just and fair, as fossil fuels will likely remain part of the energy mix for years to come, particularly in sectors where alternatives remain limited.

The quarterly results season and the profits reported by oil and gas heavyweights seem to back the International Energy Agency’s belief that fossil fuels will continue to have their spot in the global energy mix for the foreseeable future.

Since the income attributable to its shareholders totaled $4.78 billion in Q1 2025, compared to $928 million in the fourth quarter of 2024 and $7.36 billion in Q1 2024, Shell explained that the quarterly increase reflected lower exploration well write-offs, operating expenses, and higher Products margins.

The UK giant reported adjusted earnings of $5.58 billion in Q1 2025, which were up from $3.66 billion in Q4 2024 and $7.7 billion in Q1 2024, alongside its adjusted EBITDA of $15.25 billion in Q1 2025, which was higher than $14.28 billion in Q4 2024 but lower than $18.7 billion in Q1 2024.

Wael Sawan, Shell’s Chief Executive Officer (CEO), remarked: “Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.

“Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.”

Equinor delivered a net operating income of $8.87 billion in Q1 2025, a spike from $8.7 billion in Q4 2024, which is also lower than $7.6 billion in Q1 2024. The adjusted operating income for the first quarter of 2025 amounted to $8.65 billion, a jump from $7.9 billion in Q4 2024 and $7.5 billion in Q1 2024.

The firm’s net income was $2.6 billion in Q1 2025, an increase from $2 billion seen in Q4 2024 but slightly lower than $2.67 billion in Q1 2024. The company’s adjusted net income was $1.79 billion in Q1 2025, compared to $1.73 billion in Q4 2024 and $2.8 billion in Q1 2024.

Anders Opedal, President and CEO of Equinor, commented: “Equinor delivers strong financial results in the first quarter. I am pleased to see the good operational performance and solid production capturing higher gas prices. With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet.”

“We maintain a competitive capital distribution and expect to deliver a total of USD 9 billion in 2025. The production start-up of the Johan Castberg field strengthens Norway’s role as a reliable energy exporter to Europe. The field opens a new region in the Barents Sea and is expected to contribute to energy supply, value creation and ripple effects for at least 30 years to come.”

BP reported an underlying replacement cost (RC) profit of $1.38 billion in Q1 2025, compared with $1.17 billion in the previous quarter and a profit of $2.7 billion in the first quarter of 2024, reflecting lower impact from turnaround activity, stronger realized refining margins, lower other businesses & corporate underlying charge, partly offset by a weak gas marketing and trading result.

The firm’s reported profit for the quarter was $0.7 billion, compared with a loss of $2 billion for the fourth quarter of 2024 and a profit of $2.26 billion for Q1 2024. The company has grown its upstream portfolio by making six hydrocarbon discoveries and starting up three major projects. The firm also achieved good progress on its divestment program, including the strategic review of Castrol, and the intentions to sell mobility & convenience businesses in Austria and the Netherlands, and the Gelsenkirchen refinery.

Murray Auchincloss, BP’s CEO, underlined: “So far this year we have started up three major projects, made six exploration discoveries and have progressed our divestment programme – all while delivering strong operational performance, with over 95% upstream plant reliability supporting the best operating efficiency on record, and over 96% refining availability.

“We continue to monitor market volatility and changes and remain focused on moving at pace. I’m confident that our plans to strengthen the balance sheet, reduce costs, and improve cash flow and returns will grow long-term shareholder value and strengthen the resilience of BP.”

TotalEnergies claims that it has achieved a year-on-year production growth of nearly 4% for oil & gas and 18% for electricity with its integrated model, which led to $4.2 billion adjusted net income for the first quarter of 2025, which is 5% lower than $4.4 billion in Q4 2023 and 18% less than $5.1 billion in Q1 2024.

Patrick Pouyanné, TotalEnergies’ CEO, elaborated: “In the Oil & Gas business, first quarter production was above 2.55 Mboe/d, up 4% year-on-year, notably benefiting from the continued ramp up of projects in Brazil, the United States, Malaysia, Argentina and Denmark. The start-ups of the Ballymore offshore field in the United States during the second quarter and Mero-4 in Brazil expected in the third quarter will continue to add high-margin barrels and further reinforce the Company’s 2025 hydrocarbon production growth objective of more than 3%.

“Exploration & Production generated adjusted net operating income of $2.5 billion and cash flow of $4.3 billion in the first quarter, up 6% and 9% quarter-to-quarter, respectively. Cash flow benefited from the accretive effect of new oil production that is both low-cost and low-emission. Integrated LNG achieved adjusted net operating income of $1.3 billion and cash flow of $1.2 billion for the quarter, driven by LNG prices that were higher year-on-year but lower than fourth quarter 2024.

“LNG trading results were in line with expectations for 2025 while gas trading encountered the unexpected downturn of European markets following new heightened uncertainties on the evolution of the Russian-Ukrainian conflict. During the first quarter, Integrated Power generated adjusted net operating income of more than $500 million and cash flow of $600 million, in line with annual company guidance.”

Eni recorded an adjusted net profit of €1.4 billion or $1.58 billion during Q1 2025, which dropped by 11% compared to €1.58 billion ($1.78 billion) in Q1 2024. The firm’s proforma adjusted EBIT is €3.68 billion ($4.1 billion) in Q1 2025 compared to €4.1 billion ($4.6 billion) in Q1 2024.

Claudio Descalzi, Eni’s CEO, underscored: “A new financially independent upstream satellite will be created through our JV with Petronas to monetize the vast potential of our discoveries off Indonesia. Additionally, the Dual Model approach has been applied in the farm-out agreements with Vitol ahead of the monetization of our flagship Baleine and Congo FLNG projects, which are expected to generate proceeds of $2.7 bln. Our strategy of growing and creating value through our transition-related satellites is gaining momentum. […]

“Looking ahead we are well positioned to navigate the current downturn. Thanks to our high-quality, high-graded asset portfolio that provides us with significant flexibility, low cash breakeven and resilient financial structures, ensuring disciplined capital allocation and self-funded growth, we are able to optimize our spending and cash plans. As a result, we have identified over €2 bln of mitigating actions, equivalent to around 15 $/bbl of oil price sensitivity effect, and we are able to confirm our 2025 distribution policy within the context of a highly robust financial structure.”

ConocoPhillips revealed first-quarter 2025 earnings of $2.8 billion, compared with first-quarter 2024 earnings of $2.6 billion. Excluding special items, the first-quarter 2025 adjusted earnings were $2.7 billion, compared with the first-quarter 2024 adjusted earnings of $2.4 billion.

Ryan Lance, Chairman and CEO of ConocoPhillips, outlined: “ConocoPhillips continued to demonstrate strong execution in the first quarter, and we reduced our full-year capital and operating cost guidance. Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders.”

ExxonMobil‘s earnings of $7.7 billion in the first quarter of 2025 are up from $7.6 billion in Q4 2024 and down from $8.2 billion in the first quarter a year ago. The firm emphasized its volume growth in the Permian and Guyana, additional structural cost savings, and favorable timing effects that mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments, and higher expenses from growth initiatives.

Darren Woods, ExxonMobil’s Chairman and CEO, highlighted: “In this uncertain market, our shareholders can be confident in knowing that we’re built for this. The work we’ve done to transform our company over the past eight years positions us to excel in any environment. In the first quarter, we earned $7.7 billion and generated $13.0 billion in cash flow from operations.

“Since 2019, the strategic choices we made to reduce costs, grow advantaged volumes, and optimize our operations have strengthened quarterly earnings power by about $4 billion at current prices and margins. This year, we’re starting up 10 advantaged projects that are expected to generate more than $3 billion of earnings in 2026 at constant prices and margins. Continuously leveraging our competitive advantage is enabling the company to excel in the current market environment and deliver on our plans through 2030 and far into the future.”

Chevron reported earnings of $3.5 billion for the first quarter of 2025, compared to $3.24 billion in the fourth quarter of 2024 and $5.5 billion in the first quarter of 2024. The firm saw adjusted earnings of $3.8 billion in the first quarter of 2025 compared to $3.6 billion in the fourth quarter of 2024 and $5.4 billion in the first quarter of 2024.

Mike Wirth, Chevron’s Chairman and CEO, stated: “This quarter reflected continued strong execution and progress on our objective to deliver superior shareholder value. Despite changing market conditions, our resilient portfolio, strong balance sheet, and consistent focus on capital and cost discipline position us to deliver industry-leading free cash flow growth by 2026.”

Speculation over a potential business combination between Shell and its rival, BP, has resurfaced. It is being said that Shell is simply bidding its time until oil and stock prices have dropped enough to make its move, as its market cap is almost twice as large as BP’s at this point.

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However, Shell’s spokesperson told Offshore Energy in February 2025 that “no significant inorganic acquisitions” were being pursued since the firm considers its own shares as “an extremely attractive investment opportunity,” preferring to “allocate capital to them than elsewhere.”

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