Why have international oil giants seen a sharp decline in profits in the third quarter, and how are they each seeking survival amid this 'winter'?

Affected by the decline in international oil prices, the profits of major international oil companies dropped sharply in the third quarter of this year, prompting each to seek survival strategies amid this 'winter'. The global energy and petrochemical industry is undergoing a severe test. Profits across major oil companies generally declined in Q3: Equinor (Equinor ASA) fell by 57%, Dow Inc. by 48%, Chevron by 20%, Shell by 10%, ExxonMobil by 6%, BP by 3%, TotalEnergies by 2%, and BASF by 2%. The sustained decline in oil and natural gas prices has severely undermined the profitability foundation of upstream operations for these oil majors. Due to price transmission lags and weak downstream demand, refining business profits have been significantly eroded. I. Collective Profit Contraction Across Majors Q3 financial results from international oil companies have been released, revealing an overall marked decline. Chevron’s adjusted profit fell from USD 4.531 billion to USD 3.627 billion—a decrease of USD 904 million, or 20% year-on-year. ExxonMobil’s adjusted profit stood at USD 8.058 billion, down 6% year-on-year—yet its absolute profit remains far ahead of peers. European oil companies showed divergent performances. Shell’s adjusted profit was USD 5.432 billion, down 10% year-on-year. TotalEnergies’ adjusted net profit was USD 3.98 billion, down only 2% year-on-year—the smallest decline among the group. BP’s underlying replacement cost profit totaled USD 2.21 billion, down 3% year-on-year. Equinor’s adjusted profit plummeted from USD 2.191 billion to USD 932 million—a staggering 57% drop—far exceeding the declines seen among the five largest oil majors. BASF’s earnings before tax and special items amounted to EUR 533 million, down from EUR 545 million a year earlier—a 2% decline. Dow Chemical’s net profit was USD 124 million, down from USD 240 million a year earlier—a 48% decline. Despite the severe year-on-year profit contraction, senior executives at these energy and petrochemical giants have all offered positive assessments of their own performance, expressing strong confidence in their development strategies despite the complex market environment. II. Divergence Across Business Segments: Upstream Under Pressure, Downstream Showing Bright Spots From a business-segment perspective, upstream operations were most directly impacted by falling oil prices. ExxonMobil’s upstream profit reached USD 5.679 billion—slightly up from Q2 but still down year-on-year. Shell’s upstream adjusted profit stood at USD 1.804 billion, below USD 2.443 billion a year earlier. In contrast, downstream operations delivered bright spots for some companies. TotalEnergies’ downstream segment posted adjusted net income of USD 1.067 billion—up 76% year-on-year from USD 605 million. Its refining and petrochemicals division reported adjusted net income of USD 687 million—up a dramatic 185% year-on-year. Chemicals-related businesses face serious challenges. ExxonMobil’s chemicals profit plunged 79%, dropping from USD 2.457 billion a year earlier to just USD 515 million in Q3 this year. Shell’s chemicals business posted adjusted Q3 profit of USD 550 million—up from USD 463 million a year earlier—but its cumulative profit for the first three quarters of this year totaled USD 1.117 billion, far below USD 3.163 billion in the same period last year. New energy businesses show early signs of potential. Shell’s Renewables & Energy Solutions segment turned profitable—posting a USD 92 million profit in Q3 after a USD 162 million loss a year earlier.

US stock market movement | ExxonMobil (XOM.US) rose 2.69% against the market trend; supported by natural gas prices, its Q3 operating profit is expected to remain at a record high.

Gulon Finance, October 5 — ExxonMobil (XOM.US) rose 2.69% against the market trend to USD 97.83. The oil-and-gas giant’s earnings report revealed that liquefied energy prices negatively impacted Q3 profit by USD 1.4–1.8 billion; energy product profits declined sequentially in Q3; and natural gas prices contributed up to USD 2.2 billion in positive sequential impact—offsetting weakness in refining and chemicals. The company expects its Q3 operating profit to remain at the record-high level of USD 17.9 billion achieved in the previous quarter.

Colombia's Ecopetrol sees Q3 net profit at up to $1.57 billion

Oct 23, 2026

Ecopetrol forecasts Q3 net profit of $1.26–1.57 billion and revenue of $10.36–11.3 billion, citing crude oil production of 740,000–750,000 barrels per day.

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