Major global energy companies posted their first double-digit annual profit increase since 2022 in the first quarter of 2026, as rising tensions around the Strait of Hormuz fueled supply concerns and supported higher crude prices.
The world's leading energy companies, including Saudi Aramco, ExxonMobil, Chevron, ConocoPhillips, Shell, bp, TotalEnergies, Eni, Equinor and CNOOC, alongside oilfield service firms Halliburton, SLB and Baker Hughes, reported combined first-quarter earnings of about $71.2 billion in 2026.
Combined first-quarter profit stood at $98.3 billion in 2022, when Russia's invasion of Ukraine triggered a global energy crisis and sent oil prices soaring. Earnings subsequently declined to $88.3 billion in 2023, $71.7 billion in 2024 and $62.9 billion in 2025.
Profit rebounded in the first quarter of 2026 as rising geopolitical risks around the Strait of Hormuz and concerns over potential supply disruptions supported oil prices, lifting combined earnings by more than 13% from the same period a year earlier.
Despite the recovery, total earnings in the first-quarter remained roughly $27 billion below 2022 levels, when Brent crude averaged more than $100 per barrel during the peak of the energy crisis.
According to data from the US Energy Information Administration (EIA), Brent crude averaged $100.3 per barrel in the first quarter of 2022. Prices later eased to $81.2 in 2023, $83 in 2024 and $75.8 in 2025 as supply concerns moderated and expectations of slower global demand growth weighed on the market.
This year, renewed geopolitical risks linked to the Strait of Hormuz pushed Brent's first-quarter average price to $80.2 per barrel, the highest level in the past two years, although still below 2022 levels.
- Aramco still dominates earnings
Saudi Aramco retained its position as the world's most profitable energy company by a wide margin.
The company's first-quarter profit rose more than 26% year-on-year to $33.6 billion in 2026, compared with $26.6 billion in the same period of 2025. However, earnings remained below the $39.5 billion recorded in the first quarter of 2022.
Among US oil majors, ExxonMobil reported first-quarter profit of $4.2 billion in 2026, down more than 45% from a year earlier and significantly below the $8.8 billion recorded in the first quarter of 2022.
Chevron's first-quarter earnings fell 26.3% year-on-year to $2.8 billion, compared with $3.8 billion in the same period of 2025 and $6.5 billion in 2022.
ConocoPhillips posted first-quarter profit of $2.3 billion, down about 14% from a year earlier and nearly half the $4.3 billion reported in the first quarter of 2022.
In contrast, China's offshore energy producer CNOOC largely maintained profitability throughout the period. The company reported first-quarter profit of about $5.8 billion in 2026, up from $5.5 billion a year earlier and above levels recorded in 2022 and 2023.
- European companies in recovery stage
Several European energy companies also reported improving earnings after years of decline.
TotalEnergies increased first-quarter profit by 29% year-on-year to $5.4 billion, recovering from $4.2 billion in 2025, though still below its 2022 peak of $9 billion.
Shell reported first-quarter profit of $6.9 billion, up 23% from a year earlier, while bp more than doubled earnings to $3.2 billion from $1.4 billion.
Equinor increased first-quarter profit to $3.7 billion, more than twice the level reported a year earlier, while Eni posted profit of $1.5 billion, broadly unchanged from 2025.
- Oilfield service firms see mixed performance
Results among oilfield service companies were more mixed.
Halliburton reported first-quarter profit of $461 million, down about 11% from a year earlier.
SLB's earnings fell roughly 21.5% year-on-year to $783 million.
Baker Hughes was the only major service company to post profit growth, reporting first-quarter earnings of $573 million, up 12.6% from the same period last year.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr
