Shell, BP, TotalEnergies, Eni, ExxonMobil, Chevron, and ConocoPhillips ride oil & gas demand wave, cashing in close to $32 billion in total profit

(offshore-energy.biz) With oil, gas, and liquefied natural gas (LNG) still running the global energy show as the crown jewels within the ebbs and flows in the worldwide energy demand, the European and U.S. oil majors – the UK’s duo Shell and BP, France’s TotalEnergies, and Italy’s Eni alongside U.S.-based trio: ExxonMobil, Chevron, and ConocoPhillips – have collected a staggering $31.65 billion in combined profit during the second quarter of 2024. BP, Shell, Eni, ExxonMobil, and Conoco Phillips are among the lucky ones, which beat analysts’ expectations. However, TotalEnergies and Chevron got the shorter end of the stick with their financial performance falling below forecasts.

Main takeaways:

• Four European and three U.S. oil and gas behemoths rake in a combined profit of $31.65 billion in Q2 2024
• Some oil majors backpedaling on green and renewable energy arrangements
• European oil majors share $13.8 billion profit cake
• Shell’s adjusted profit reaches $6.3 billion
• BP’s profit stands at $2.8 billion
• Shell and BP face criticism over moves perceived to be scaling back their transformation and hindering the industry’s overall energy transition efforts
• TotalEnergies secures net profit of $3.8 billion
• Eni gets an adjusted net profit of €1.52 billion or $1.65 billion
• U.S. oil majors split a $16.2 billion profit pie
• ExxonMobil scores profit of $9.2 billion
• Chevron landed net profit of $4.4 billion
• ConocoPhillips picks up profit of $2.3 billion

With the fossil fuel era still in effect, Big Oil’s power is not likely to diminish anytime soon, especially in the wake of anticipated population growth, which puts an even greater emphasis on the need for collaborations, spanning different sectors and geographies, in the emerging energy security narrative and a highly complex and integrated new energy paradigm. The global governments’ investments in energy infrastructure are spotlighting the shift to low-carbon electrified, digitalized, and decentralized energy systems.

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