Business is booming for two biggest US oil companies, with both benefiting from higher prices and record production
ExxonMobil and Chevron both reported better than expected quarterly results on Friday as the oil majors benefited from higher prices and record production.
The boon for oil companies has simultaneously been a major pain point for consumers, who say the higher cost of living, especially gas prices, will affect how they vote in the upcoming midterm elections that will determine control of Congress.
Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’
BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices.
The energy company hailed a “banner quarter” on Friday, with its underlying replacement cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period a year ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.
Shell has doubled its profits in the last quarter after the Middle East conflict drove up the price of oil and gas and created shortages in the global market.
Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, up from $5.432bn in the third quarter of 2025. The results beat analyst expectations for a rise to $10.33bn.
Shell has doubled its profits in the last quarter after the Middle East conflict drove up the price of oil and gas and created shortages in the global market.
Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, up from $5.432bn in the third quarter of 2025. The results beat analyst expectations for a rise to $10.33bn.
Critics warn of climate danger as president in Texas claims change will save companies and consumers billions
Donald Trump said his administration is “terminating” Biden-era regulations holding oil and gas companies accountable for large leaks of planet-warming methane during a rally in Lubbock, Texas, on Tuesday evening.
“Tonight, I’m officially terminating Biden’s expensive and unnecessary methane regulations to save consumers and energy producers,” Trump said, lifting what he called “crippling regulations on methane that caused prices to skyrocket” for small oil and gas operators. The change would save consumers and energy producers $45bn and unlock 210m barrels of oil, he said, which is equivalent to about 10 days of US petroleum consumption.
Tankers part of US-Russia deal that could see 500,000 metric tonnes of fuel supplied to world market this month. What we know on day 1,704
Three tankers carrying Russian diesel are on their way to North America, Russian deputy prime minister Alexander Novak said on Friday. In a statement quoted by Russian news agencies, Novak said the cargoes were part of a deal that could see Russian companies supply 500,000 metric tonnes to US and world markets in October. “The first three fuel tankers are already on their way to the eastern coast of the Atlantic Ocean, with significant support from the RDIF (Russian Direct Investment Fund),” Novak said. Under a deal announced this month by US president Donald Trump, Russia agreed to supply diesel to global markets in an effort to lower fuel prices in return for Trump temporarily lifting US sanctions on Russian fuel. Reuters reported that the Malta-flagged medium-sized tanker Agioi Fanendes, loaded with ultra-low sulphur diesel, is expected to arrive in the US on 7 November.
The White House has said that Russia and Ukraine have agreed to a ceasefire in the Russian-occupied city of Oleshky, where a deepening humanitarian crisis has left thousands of civilians struggling to survive. In a statement on Friday, the White House said both sides had agreed to halt all military operations in the city from 27 October to allow humanitarian aid deliveries and preparations for the evacuation of civilians. Residents of the southern Ukrainian city, which has been under Russian occupation since February 2022, have described increasingly desperate conditions amid severe shortages of food, water and electricity. An estimated 2,000 people remain in the city, with some reportedly forced to survive on weeds, boiled grass, bread and meagre rations. Both Russian and Ukrainian officials said all sides were close to agreeing to a ceasefire.
The Oleshky ceasefire comes asthe US is trying to organise new talks aimed at ending the war. Ukrainian president Volodymyr Zelenskyy said on Friday negotiators from Ukraine, Russia and the US have agreed to technical-level meetings in the first half of November in Abu Dhabi. A US official later said the three countries may hold their next talks in a couple weeks in Abu Dhabi or Switzerland. Zelenskyy said he hoped a meeting of the countries’ leaders would follow.
The peace efforts follow a rift between Washington and Kyiv in recent weeks and a series of moves by Trump seen as favouring Russia, including limitations being placed on the Starlink communication system that Ukraine uses to protect against incoming attacks. Trump said on Friday that if Ukraine still faced a problem accessing the system, he would straighten it out and, if necessary, speak about the matter to SpaceX CEO Elon Musk.
As the UK government prepares next week for the first budget under Andy Burnham’s leadership, EU leaders have pressed the new prime minister at a summit in Brussels to contribute more to Ukraine’s defence effort. EU officials say Canada and Japan also should do more to support Ukraine.
The UN nuclear watchdog IAEA said Fiday that repairs to key power infrastructure near Ukraine’s Zaporizhzhia nuclear power plant had been completed under a temporary ceasefire it brokered. The repairs strengthened the plant’s connection to its sole remaining external power line, known as Ferosplavna-1, reducing the risk of another loss of off-site electricity at Europe’s largest nuclear power station.
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