BP also reported robust financial results, with a profit of $7.2 billion in Q1 2025, compared to $5.2 billion in Q4 2024 and $2.6 billion in Q1 2024. The company’s underlying replacement cost profit was $6.6 billion in Q1 2025, a significant increase from $4.3 billion in Q4 2024 and $2.4 billion in Q1 2024.

Bernard Looney, CEO of BP, highlighted: “We are in action on our strategy and our performance in the first quarter was very strong. Our focus on resilience, reliability and cash delivery is driving our returns. This is a direct result of the transformation and simplification we have delivered over the past years.

“We are accelerating our energy transition strategy, with a focus on growing our renewables and low carbon businesses. Our recent announcement of a joint venture with Ørsted to develop offshore wind projects in the US and our investment in a new hydrogen and CCS project in the UK demonstrate our commitment to a low carbon future.”

TotalEnergies also had a successful quarter, reporting a net income of $5.19 billion in Q1 2025, compared to $4.4 billion in Q4 2024 and $2.7 billion in Q1 2024. The company’s adjusted net income was $5.3 billion in Q1 2025, up from $4.2 billion in Q4 2024 and $2.6 billion in Q1 2024.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: “TotalEnergies continues to deliver strong financial and operational performance, driven by our integrated model and our strategy focused on growth in low carbon businesses. Our performance reflects the quality of our portfolio, our capacity to capture value from the market environment and our continuous efforts to reduce costs and improve efficiencies.”

The resilience and adaptability displayed by these European and U.S. oil majors in the face of current challenges and uncertainties underscore the importance of strategic planning, diversification, and a commitment to sustainability in the energy sector. As the world navigates through a period of transition towards cleaner and more secure energy systems, these companies are setting the pace for a more sustainable and resilient future.

We continue to focus on delivering value for our shareholders through disciplined capital allocation and cost management while investing in high-return projects that will drive future growth.”

Chevron reported an earnings of $4.3 billion for the first quarter of 2025, compared with earnings of $4.9 billion in the fourth quarter of 2024 and $4.7 billion in the first quarter of 2024. The firm highlighted its progress in the Permian Basin and the Gulf of Mexico, as well as its efforts to reduce costs and improve efficiency.

Mike Wirth, Chevron’s Chairman and CEO, stated: “We are pleased with our first-quarter results, which reflect the benefits of our ongoing focus on operational excellence and capital discipline. We continue to advance our portfolio of high-return, low-cost projects that are expected to drive strong cash flow and returns in the future.”

Overall, the major oil companies have shown resilience and adaptability in navigating the challenges of the current market environment. Their focus on cost management, operational efficiency, and strategic investments in high-return projects have positioned them well for future growth and value creation in the energy sector. As they continue to prioritize shareholder value and sustainability, they are expected to play a significant role in meeting global energy demand and driving innovation in the industry for years to come.

Chevron Reports Strong First Quarter Results

In the first quarter of 2025, Chevron reported earnings of $3.5 billion, showing a steady increase compared to the previous quarter and a slight decrease from the same period last year. The company’s adjusted earnings for the quarter were $3.8 billion, demonstrating its ability to maintain strong financial performance despite market fluctuations.

According to Mike Wirth, Chevron’s Chairman and CEO, the company’s strategic choices to reduce costs, grow advantaged volumes, and optimize operations have significantly strengthened its quarterly earnings power. This has resulted in a $4 billion increase in earnings at current prices and margins since 2019.

Furthermore, Chevron is set to start up 10 advantaged projects this year, which are expected to generate over $3 billion in earnings by 2026. This continuous focus on leveraging competitive advantages positions the company to excel in the current market environment and achieve its long-term goals through 2030 and beyond.

Speculation Surrounding Shell and BP

Rumors of a potential business combination between Shell and BP have resurfaced, with speculation that Shell may be waiting for oil and stock prices to drop before making a move. Shell’s market cap is currently significantly higher than BP’s, indicating a potential strategic advantage in any merger or acquisition.

However, Shell’s spokesperson has clarified that the company is not actively pursuing any significant acquisitions at the moment. Instead, Shell views its own shares as an attractive investment opportunity and prefers to allocate capital to them rather than seeking external acquisitions.

Conclusion

Chevron’s strong first-quarter results and strategic decisions highlight its commitment to delivering superior shareholder value and sustainable growth. With a focus on cost discipline, operational optimization, and capital efficiency, Chevron is well-positioned to navigate changing market conditions and continue generating industry-leading free cash flow growth in the coming years.

As for Shell and BP, the ongoing speculation surrounding a potential business combination underscores the dynamic nature of the fossil energy market and the strategic considerations companies must make to drive long-term value for stakeholders.