These cumulative profits of the majors were $21.2 billion between July and September 2025, a jump of 138% over one year. By comparing at constant scope for each group the results of the divisions including the refining activity, it was calculated that these had more than quadrupled in one year with an increase of 347%.
Driven in particular by the surge in refining margins since the start of the war in Iran, these performances have aroused the anger of environmental associations. Published this weekend, these colossal profits from large hydrocarbon companies were quickly denounced by these associations, which denounce superprofits made against a backdrop of rising prices at the pump.
Since the start of the war in Iran and the blockage of the Strait of Hormuz, these giants have benefited from the surge in crude oil prices and the price of natural gas. Their refining margins have reached historic levels in recent months, driven by the surge in the price of diesel compared to that of crude oil.
These record financial performances are boosted by the price of hydrocarbons, refining activities and tensions over diesel, in the wake of ongoing conflicts.
For comparison, these companies raked in $62.5 billion in a previous record quarter, profiting from the Russian invasion of Ukraine and the ensuing energy crisis. Since this record second quarter in 2022, the cumulative net profits of the five majors have averaged $31.4 billion per quarter.
The five oil and gas majors presented stratospheric results on Thursday and Friday, posting cumulative net profits exceeding $50 billion. The British BP, whose performance has been more modest than its rivals in recent years, raked in $4.7 billion, quadrupling its net profit over one year.