Oil & Gas

The world’s top oil majors ExxonMobil, Shell, TotalEnergies, BP, and Chevron reported mixed Q1 2025 results, but largely maintained their shareholder distribution strategies despite market uncertainty. Exxon, Shell, and TotalEnergies stuck to their dividend and buyback plans, while BP and Chevron reduced the pace of share repurchases for Q2. All companies emphasized resilience and continued capital returns, even as oil prices faltered due to geopolitical tensions and OPEC+’s accelerated production plans.

TotalEnergies and ExxonMobil both exceeded expectations despite weaker oil prices, with Total highlighting strong project ramp-ups and Exxon crediting production gains in the Permian Basin and Guyana. Shell launched another $3.5 billion buyback and marked 14 consecutive quarters of robust repurchases, signaling strong financial positioning. In contrast, BP struggled with lower-than-expected earnings, rising debt, and activist investor pressure, prompting a $1 billion cut in its buyback program.

Looking ahead, the outlook for Q2 is more volatile, with oil prices facing downward pressure from weaker global demand and sudden supply increases. Despite this, most Big Oil firms remain confident in their financial strategies, highlighting past structural reforms and cost reductions as key buffers against further market shocks. Analysts caution, however, that Q1 2025 might be the final quarter of "business as usual" if current market trends continue.