European Energy Trading companies have bested their American counterparts, following Q1 reports.
British energy giants Shell and BP reported earnings of $6.9bn and $3.2bn respectively, with Shell increasing their profits by approximately $1.3bn from last year and BP more than doubling theirs.
Elsewhere, Norway’s Equinor and France’s Total Energies also saw significant growth in their Q1, with the Nordic powerhouse achieving a profit of $9.77bn, their highest quarterly profit in 3 years, while Total recorded $5.4bn.
This outstrips the trading performances across the pond and of the US giants ExxonMobil and Chevron. Exxon reported a Q1 profit of $4.4bn, a significant decline from the $7.7bn boasted at this stage last year. Chevron posted a $2.2bn profit, down from $3.5bn in 2025.
This surge in European profit has been underpinned by a skyrocketing market caused by the Iran War, Brent Crude consistently exceeding over $100 per barrel, while UK and European Gas prices rose 25 per cent 35 per cent respectively at the peak of the conflict.
Coupled with European energy insecurity, these high price conditions have proven fertile ground for the trading floor. Pressure on OPEC to stick to their oil quotas has led to the UAE’s decision to leave the group and its sister, OPEC+, citing a want for greater control and a desire to increase production.
But with the war situated in an unstable ceasefire, Oil & Gas prices are set to remain high, with higher than usual profits expected to remain for an extended period.
