Major oil firms report record profits

The combined profits of the major oil and gas companies reached 21.2 billion dollars between July and September 2025, a 138 percent increase compared to the same period in the previous year. This marked a significant rise in earnings for the industry.

ExxonMobil leads the pack

ExxonMobil, an American company, reported the highest net profit of 15.4 billion dollars for the third quarter, outpacing its competitors such as British Shell, American Chevron, and French TotalEnergies, which posted a record 8.3 billion dollars.

BP sees strong growth

British BP, which has had more modest results compared to its rivals in recent years, recorded 4.7 billion dollars in net profit for the quarter, quadrupling its earnings from the previous year. This was the second most profitable quarter of the decade for the major oil and gas firms.

Record profits in 2022

The most profitable quarter for these companies occurred in the second quarter of 2022, when they recorded 62.5 billion dollars in net profits. This was driven by the Russian invasion of Ukraine and the resulting energy crisis, which led to a sharp rise in energy prices.

Sustained high profits

Since the 2022 record, the average quarterly net profits of the five major oil and gas companies have been 31.4 billion dollars. This has been fueled by the rise in crude oil prices and natural gas prices, partly due to the war in Iran and the blockage of the Strait of Hormuz.

Refining margins hit record highs

Refining margins for these companies have reached historical levels, largely due to the increase in diesel prices compared to crude oil. BP's chief executive, Meg O'Neill, noted that this was a record quarter for refining activity, a sentiment shared by her counterparts in the industry.

Environmental groups criticize profits

Environmental organizations swiftly condemned the large profits made by the major hydrocarbon companies. They highlighted the environmental damage caused by oil and gas activities and the impact on global warming, especially after a summer marked by extreme heatwaves worldwide.

Criticism of consumer impact

Environmental groups also criticized the "superprofits" made by these companies, arguing that the rise in hydrocarbon prices, particularly diesel, has fueled inflation in many countries. A Greenpeace study estimated that the oil industry could have earned an additional 36 billion euros in margins in the European Union since the beginning of the war in Iran.