Volatile markets batter majors' numbers, especially BP
Volatile oil and gas prices dented earnings for the industry’s major players in the second quarter, with British supermajor BP reporting the worst of a set of disappointing results
Benchmark Brent crude futures fluctuated over the quarter and ended well down. In April, futures traded at more than $120 a barrel, before falling 25% to around $90/b by mid-June. In late July, Brent was trading at $106/b. US gas prices started the second quarter at $1.90/million British thermal units (Btu) – the lowest in a decade – although prices rose to $2.75/m Btu by the end of June. Henry Hub front-month gas contracts have continued to rise, reaching $3/m Btu. US supermajor ExxonMobil was the first of the majors to report, booking a 49% year-on-year rise in profit, from $10.7 billion to $15.9bn. However, once a $7.5bn gain from divestments and tax-related items was stripped out, earnin
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
