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Oil tanks (Photo: Getty Creatives) getty The ‘Big Oil’ quarterly earnings season ended last week, as one energy major after another posted relatively lower profits compared to bumper ones from three years ago. But there was one other commonality between them all – a clear and firm return to oil and gas basics. After investing amounts, deemed over the odds by many, into low-to-zero carbon drives ranging from hydrogen to wind farms during the Covid pandemic years (2020-21), and bagging bumper profits from energy price spikes when the Russia-Ukraine War kicked off (February 2022) – a sense of predictable normalcy is returning. But first some key numbers. Relatively low oil prices compared to the same quarter last year inevitably meant lower takings for the majors in the last quarter. With fears of an oil supply glut emerging as the end of the year approaches, even lower oil prices may potentially follow over the next two quarters. The global proxy crude oil futures benchmark Brent was down nearly 16% year-till-date at the close of U.S. trading on Friday. Key Numbers At A Glance So, from ExxonMobil (NYSE: XOM) to Chevron (NYSE: CVX), Shell (LON: SHEL) to TotalEnergies (EPA: TTE), a familiar story – evident in recent quarters – also emerged for the third quarter of 2025. The story of beating analysts expectations on quarterly earnings intertwined with profit declines of between 2% and 12% on an annualized basis. To be read as – Chevron (down 2%), TotalEnergies (-2%), BP (-6%), Shell (-10%) and ExxonMobil (-12%). And the biggest of them by market capitalization – Saudi Aramco – reported a 2.3% decline. Many of their peers also published third quarter performance data in the same sort of range. That the results happened to be published the week before (e.g. Chevron, ExxonMobil) or…

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Filed under: News - @ November 10, 2025 10:22 pm