Ranking the Major Oil Company Q1 Results

Alright, folks, it’s time to dig into the Q1 2025 earnings from the U.S. oil patch’s main titans: ExxonMobil, Chevron, Shell, and BP.

Following two years of relative market stability, the energy sector has recently been riding a rollercoaster, with Brent crude dipping to the low $60s, refining margins tighter than a rusted bolt, and natural gas prices flatter than a Permian Basin highway. Yet, these companies were able to keep grinding out solid results during Q1, leaning on operational efficiencies, economies of scale, and consolidation targeting the upstream.

Let’s unpack the numbers, strategies, and what’s really going on in this volatile market, with a clear-eyed look at who’s winning, who’s wobbling, and what it means for the future.