More than $50 billion in profits in Q3: oil giants record results amid geopolitical tensions and soaring hydrocarbon prices

The five oil and gas majors presented stratospheric results on Thursday and Friday, with cumulative net profits exceeding $50 billion, boosted by the price of hydrocarbons, refining activities and tensions over diesel, in the wake of conflicts around the world. These cumulative profits of the majors were $21.2 billion between July and September 2025, a jump of 138% over one year. At the head of the pack, the American Exxonmobil published on Friday a net profit of 15.4 billion dollars for the 3rd quarter, ahead of the British Shell (12.1 billion), the American Chevron (9.9 billion) and the French TotalEnergies, which posted a record quarter on Thursday at 8.3 billion dollars.

The British BP, whose performance has been more modest than its rivals in recent years, raked in $4.7 billion, quadrupling its net profit over one year. This is therefore the second most profitable quarter of the decade for these private companies specializing in hydrocarbons, after the 2nd quarter of 2022. They then raked in $62.5 billion, taking advantage of the Russian invasion in Ukraine and the energy crisis that followed.

Since this record second quarter in 2022, the cumulative net profits of the five majors have averaged $31.4 billion per quarter. “A record quarter for refining activity” These oil and gas giants have benefited since the start of the war in Iran and the blockage of the Strait of Hormuz from the surge in crude oil prices and the price of natural gas. In recent months, their refining margins have reached historic levels, driven by the surge in the price of diesel compared to that of crude oil.

“This is truly a record quarter for refining activity,” said BP CEO Meg O'Neill on Friday, in line with her counterparts. By comparing (at constant scope for each group) the results of the divisions including the refining activity, AFP calculated that these had more than quadrupled in one year (+347%). All published this weekend, the colossal profits of large hydrocarbon companies were quickly denounced by environmental associations.

They point out both the devastating effect of oil and gas activities on the environment and global warming, at the end of an unprecedented global summer due to its heat waves, but also the "superprofits" made "on the backs" of consumers, while the surge in hydrocarbon prices, led by diesel, is fueling inflation in many countries. According to a Greenpeace study, the increase in fuel prices, which is greater than that of crude oil, would have enabled the oil industry to reap around 36 billion euros in additional margins in the European Union since the start of the war in Iran.

Machine-translated from French