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Chevron beats profit estimates with record production

Chevron has today beaten analyst estimates for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices.

Business • 01 Aug

Exxon beats profit estimates with higher production

Exxon Mobil, the biggest oil producer in the US, has today beaten Wall Street estimates for second-quarter profit as higher oil and gas output and low production costs offset the impact of lower crude prices.

Business • 01 Aug

Shell profit drops by almost a third, but beats forecasts

Shell's second-quarter adjusted earnings, its definition of net profit, tumbled by almost a third today, dragged down by a drop in oil prices, but still easily beat analysts' forecasts.

Business • 31 Jul

Chevron wins Exxon battle over Guyana oilfield

US oil giant Chevron will proceed with its $53 billion acquisition of Hess, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.

Business • 18 Jul

A merger of BP and Shell would create a giant valued at more than £200 billion

BP shares rise on rumour of bid by Shell

British oil group BP, which has lagged rivals in recent years, saw a boost to its share price today on rumours of a possible mega takeover by rival Shell.

Business • 06 May

Exxon Mobil is the largest US oil producer

Exxon beats Wall Street's first quarter profit estimate

Exxon Mobil has today beaten Wall Street's estimate for first-quarter profit as higher oil and gas production from Guyana and the Permian basin helped boost earnings.

Business • 02 May

Shell has posted a 28% drop in first-quarter net profit to $5.58 billion

Shell Q1 profit drops 28%, but beats expectations

Shell has today reported a 28% drop in first-quarter net profit to $5.58 billion, beating analyst expectations, and kept the pace of its share buyback programme steady amid falling oil prices and lower refining margins than last year.

Business • 02 May

BP said its preferred profit measure - underlying replacement cost profit - dropped by 49% to $1.38 billion in the first quarter of 2025

BP making 'significant progress' on fossil fuel strategy

The boss of BP said the energy giant has "already made significant progress" with its oil and gas focused growth strategy as it pulls back from renewables to boost its finances.

Business • 29 Apr

BP said it has kicked off the process to pick a new chairman

BP chair Helge Lund to step down amid Elliott campaign

BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said today amid a campaign by activist hedge fund Elliott for more change at the company.

Business • 04 Apr

BP to boost fossil fuel investments and cut renewables

BP has slashed planned investment in renewable energy and said today it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns.

Business • 26 Feb

BP said its profits for 2024 fell by 35% to $8.9 billion

BP pledges reset as annual profit dips below $9 billion

BP chief executive Murray Auchincloss has today pledged to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations.

Business • 11 Feb

Investors have questioned BP for lacking a clear strategy to grow its oil and gas business and deliver high returns to shareholders

BP shares up on prospect Elliott stake will drive change

Shares in BP rose by 7% today, and were on track for the biggest daily gain in two years, as investors anticipated that activist shareholder Elliott Management will press for board changes and strategy shifts to boost returns.

Business • 10 Feb

TotalEnergies' adjusted net income for the final three months of 2024 was $4.4 billion, down from $5.2 billion a year previously

TotalEnergies posts drop in Q4 profit on weak oil demand

French oil major TotalEnergies has today reported a 15% drop in fourth-quarter earnings, closing out a year marked by low oil prices and weak fuel demand that were partially offset by higher electricity sales and liquefied natural gas trading.

Business • 05 Feb

Shell today posted adjusted earnings, its definition of net profit, of $3.66 billion for the quarter ended December 31, down from $7.31 billion a year earlier

Shell dividend hike drives shares up despite profit miss

Shell reported a 16% drop in profit for 2024 today amid weakness in oil and gas prices and in demand, but shares rose after it raised its dividend by 4% and extended its share buyback programme.

Business • 30 Jan

BP said its CEO Murray Auchincloss will be back in the office in February after a medical procedure

BP warns of Q4 profit hit, postpones capital markets day

BP warned today that its fourth-quarter results will be hit by weaker oil and gas production, refining margins and trading, while also delaying a highly-anticipated investor day due to a medical procedure undergone by CEO Murray Auchincloss.

Business • 14 Jan

Tullow's shares slide as it cuts free cash flow forecasts

Shares of Tullow Oil fell as much as 10% in London trade today after the West Africa-focused oil company cut its full year free cash flow view to $150-$200m from its previous estimate of $200-$300m.

Business • 28 Nov 24

Equinor's retreat from renewable energy mirrors similar moves by European rivals Shell and BP

Norway's Equinor cuts 20% of staff at renewables unit

Norway's Equinor is trimming 20% of the staff from its renewable energy division and will compete for a smaller number of new projects as it streamlines the business unit, the company told Reuters today.

Business • 21 Nov 24

Exxon Mobil said it was boosted by strong oil output in its first full quarter that includes volumes from US shale producer Pioneer Natural Resources

Exxon's profit beats as volume offsets price weakness

Exxon Mobil has today beaten Wall Street's third quarter profit estimate, boosted by strong oil output in its first full quarter that includes volumes from US shale producer Pioneer Natural Resources.

Business • 01 Nov 24

Chevron's overall third quarter earnings fell compared to the same time last year

Chevron beats quarterly profit expectations

Chevron has today beaten Wall Street estimates for third-quarter profit, helped by higher oil and gas output, but its earnings fell from a year ago.

Business • 01 Nov 24

TotalEnergies had warned earlier this month that its results would take a hit as its margin for converting crude oil into refined fuels tumbled 65%

TotalEnergies Q3 income hits three-year low

French oil major TotalEnergies has reported third-quarter adjusted net income at a three-year low of $4.1 billion, slightly missing expectations as refining margins and upstream outages dragged down earnings.

Business • 31 Oct 24

Shell is the world's top trader of liquefied natural gas

Shell's $6 billion quarterly profit beats forecasts

Shell has today reported third quarter profits of $6 billion that exceeded forecast by 12% as weaker oil refining and trading results were offset by higher LNG sales.

Business • 31 Oct 24

The ConocoPhillips-Marathon Oil deal is the latest in a series of mega-deals in the oil and gas industry as companies look to bolster reserves

ConocoPhillips to buy Marathon Oil for $22.5 billion

ConocoPhillips has today agreed to buy Marathon Oil in a $22.5 billion all-stock deal, the latest in a series of mega-deals in the oil and gas industry as companies look to bolster reserves.

Business • 29 May 24

Exxon Mobil, the largest US oil company, is in the process of closing a $60 billion deal for top shale oil producer Pioneer Natural Resources

Exxon misses on Q1 profit despite big gains in Guyana

Exxon Mobil has today missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains.

Business • 26 Apr 24

BP has underperformed its competitors for years, which investors and analysts say has made the firm a potential takeover target

UAE's ADNOC recently eyed BP as takeover target - sources

The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter have told Reuters.

Business • 12 Apr 24

Exxon Mobil's Q3 profit was $2.25 a share compared to $4.68 in the same quarter a year ago when oil and gas prices climbed after Russia's invasion of Ukraine

Exxon Mobil's Q3 profit down 54% on record year in 2022

Exxon Mobil has today posted a $9.1 billion third-quarter profit, an about 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered.

Business • 27 Oct 23

Oil companies