In the first quarter of 2025, affected by factors such as weak energy demand prospects, falling international oil prices, and continuous changes in US energy and trade policies, the profits of the five major Western energy giants – ExxonMobil, Chevron, BP, Shell, and TotalEnergies – all declined compared with the same period last year.

BP’s net profit in the first quarter was $1.38 billion, almost “halved” year – on – year. The company announced a $750 million share – buyback plan, which was a contraction compared with the previous one. The net debt in the first quarter rose to $26.97 billion, higher than the $22.99 billion at the end of the fourth quarter of last year. However, BP’s CEO Murray Auchincloss said that the company had made a good start in implementing strategic adjustments.

Shell’s adjusted profit in the first quarter was $5.58 billion, a year – on – year decline of 28% and a 52% decline from the fourth quarter of last year. The company announced a new $3.5 billion share – buyback plan, which was expected to be completed in the second quarter. Shell also said that it would increase shareholder returns, cut costs, and strengthen its LNG layout.

TotalEnergies’ adjusted net profit in the first quarter was $4.19 billion, a year – on – year decline of 18% and a 15% decline from the fourth quarter of last year. Although the company’s oil and gas production increased by 4% year – on – year, the downstream business dragged down the overall profit. TotalEnergies still maintained its net investment guidance of $17 – 17.5 billion this year and was confident in achieving its production growth target.

ExxonMobil’s net profit in the first quarter was $7.71 billion, a year – on – year decline of 6%. The company’s oil and gas production reached 4.55 million barrels per day of oil equivalent, a year – on – year increase of 20%. However, the profit of its refining business decreased by 40% year – on – year due to the contraction of refining margins.

Chevron’s net profit in the first quarter was $3.512 billion, a year – on – year decline of 36.73%. The company slowed down its share – buyback pace due to the volatile market environment. The upstream business was under pressure, and the profit of the downstream business fluctuated.