Major oil firms report record profits

The five largest oil and gas companies reported record profits for the third quarter of 2025, with combined net profits exceeding 50 billion dollars. This increase was driven by higher prices for oil and gas, increased refining activities, and geopolitical tensions affecting supply chains.

ExxonMobil leads in profitability

ExxonMobil, the American company, reported a net profit of 15.4 billion dollars for the third quarter, outperforming its British counterpart Shell (12.1 billion) and other major firms like Chevron, TotalEnergies, and BP. These profits represent a 138% increase compared to the same period last year.

Historic profits compared to past years

This is the second most profitable quarter for these companies in the past decade, following the second quarter of 2022, when combined profits reached 62.5 billion dollars. Since then, the average quarterly profits of the five majors have been 31.4 billion dollars.

Geopolitical tensions drive oil prices

The oil and gas giants have benefited from rising prices, partly due to the start of the war in Iran and the blockage of the Strait of Hormuz. These events led to a surge in crude oil and natural gas prices, with refining margins reaching historic levels, especially for diesel.

Environmental groups criticize profits

Environmental organizations have criticized the record profits, pointing out the environmental damage caused by oil and gas activities and their contribution to global warming. They also highlight the impact of rising fuel prices on consumers, which has fueled inflation in many countries.

Additional margins from fuel price disparity

According to a Greenpeace study, the difference between rising fuel prices and crude oil prices has allowed the oil industry to generate about 36 billion euros in additional margins in the European Union since the start of the war in Iran. This has drawn criticism for profiting from consumer hardship.