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Recently, the five major oil giants have successively announced their 2025 first-quarter financial reports, all showing year-on-year declines in profits. This is mainly attributed to the low international oil prices, oversupply in the crude oil market, and weak demand. On May 14, the WTI crude oil price was US$63.15 per barrel, and the Brent crude oil price was US$66.09 per barrel. Earlier, OPEC+ lowered its forecast for global crude oil demand this year but still decided to further increase production, exacerbating the oversupply in the global crude oil market. ExxonMobil's first-quarter profit fell 6% year-on-year; Shell's adjusted profit fell 23% year-on-year; Chevron's adjusted profit fell 32% year-on-year; TotalEnergies' adjusted net profit fell 18% year-on-year; bp's underlying replacement cost profit fell 49% year-on-year.

This article is provided by special contributor Chen Xiao

ExxonMobil: Profit of US$7.713 billion

Recently, ExxonMobil released its financial report, showing that its first-quarter profit was US$7.713 billion (US$1.76 per share), higher than US$7.61 billion (US$1.72 per share) in the fourth quarter of last year. The profit in the first quarter of last year was US$8.22 billion. The quarter-on-quarter increase was US$103 million, and the year-on-year decrease was US$507 million, or 6%.

ExxonMobil CEO Darren Woods said: "In an uncertain market, the company's foundation is solid, and our shareholders can still be confident. In the first quarter, the company achieved a profit of US$7.7 billion and generated US$13 billion in operating cash flow. Since 2019, through cost reduction, development of advantageous businesses, and operational optimization, the company's quarterly profitability has increased by approximately US$4 billion. In addition, the company will launch 10 advantageous projects this year, which are expected to generate more than US$3 billion in revenue by 2026. The company will continue to leverage its advantages and advance its plans for 2030 and beyond."

In the first quarter, ExxonMobil's operating cash flow was US$12.953 billion, US$12.229 billion in the fourth quarter of last year, and US$14.664 billion in the same period last year; free cash flow was US$8.84 billion, US$7.997 billion in the fourth quarter of last year, and US$10.099 billion in the same period last year.

In the first quarter, ExxonMobil's average production was 4.551 million barrels of oil equivalent per day, 4.602 million barrels of oil equivalent per day in the fourth quarter of last year, and 3.784 million barrels of oil equivalent per day in the same period last year.

In the first quarter, ExxonMobil's upstream profit was US$6.756 billion, US$6.498 billion in the fourth quarter of last year, and US$5.66 billion in the same period last year; the profit in the energy products sector was US$827 million, US$402 million in the fourth quarter of last year, and US$1.376 billion in the same period last year; the profit in the chemicals sector was US$273 million, US$120 million in the fourth quarter of last year, and US$785 million in the same period last year; the profit in the specialty products sector was US$655 million, US$746 million in the fourth quarter of last year, and US$761 million in the same period last year.

Shell: Adjusted profit of US$5.577 billion

Recently, Shell announced its first-quarter results, with adjusted profit of US$5.577 billion, a 52% quarter-on-quarter increase and a 23% year-on-year decrease; the dividend was US$0.358 per share, unchanged from the fourth quarter of last year, and US$0.344 per share in the same period last year.

In the first quarter, Shell's adjusted EBITDA was US$15.25 billion, US$14.281 billion in the fourth quarter of last year, and US$18.711 billion in the same period last year. Shell CEO Wael Sawan said: "Through the acquisition of Pavilion Energy, the company has further consolidated its market position in liquefied natural gas (LNG) and completed the divestment of its Nigerian onshore assets and Singapore operations, achieving an optimized and upgraded asset portfolio. The strong performance gives us confidence to implement a new US$3.5 billion share buyback program within the next 3 months."

In the first quarter, Shell's operating cash flow was US$9.281 billion, US$13.162 billion in the fourth quarter of last year, and US$13.33 billion in the same period last year; free cash flow was US$5.322 billion, US$8.731 billion in the fourth quarter of last year, and US$9.802 billion in the same period last year.

As of the end of the first quarter, Shell's net debt was US$41.521 billion, US$38.809 billion at the end of the fourth quarter of last year, and US$40.513 billion in the same period last year; in the first quarter, Shell's debt ratio was 18.7%, 17.7% in the fourth quarter of last year and the same period last year.

In the first quarter, Shell's oil and gas production was 1.855 million barrels of oil equivalent per day, 1.859 million barrels of oil equivalent per day in the fourth quarter of last year, and 1.872 million barrels of oil equivalent per day in the same period last year.

In the first quarter, Shell's integrated gas business adjusted profit was US$2.483 billion, a 15% quarter-on-quarter increase; the business's operating cash flow was US$3.463 billion, US$4.391 billion in the fourth quarter of last year, and US$4.712 billion in the same period last year.

In the first quarter, Shell's upstream business adjusted profit was US$2.337 billion, US$1.682 billion in the fourth quarter of last year, and US$1.933 billion in the same period last year; the business's operating cash flow was US$3.945 billion, US$4.509 billion in the fourth quarter of last year, and US$5.727 billion in the same period last year.

In addition, in the first quarter, Shell's marketing business adjusted profit was US$900 million, US$839 million in the fourth quarter of last year, and US$781 million in the same period last year; the chemicals business adjusted profit was US$449 million, a loss of US$229 million in the fourth quarter of last year, and US$1.615 billion in the same period last year; the renewables and energy solutions business adjusted loss was US$2 million, a loss of US$311 million in the fourth quarter of last year, and a profit of US$163 million in the same period last year.

Chevron: Adjusted profit of US$3.813 billion

Chevron recently announced its first-quarter results, with adjusted profit of US$3.813 billion (US$2.18 per share), higher than US$3.632 billion (US$2.06 per share) in the fourth quarter of last year, and US$5.416 billion in the same period last year, a 32% year-on-year decrease.

Chevron CEO Mike Wirth said: "First-quarter results reflect the company's progress in maximizing shareholder value. Over the past three years, Chevron has returned over US$78 billion in cash to shareholders. While market conditions continue to change, a diversified business portfolio, a strong balance sheet, and a focus on capital and costs will enable the company to achieve industry-leading free cash flow growth by 2026."

In the first quarter, Chevron's oil and gas production was 3.353 million barrels of oil equivalent per day, 3.35 million barrels of oil equivalent per day in the fourth quarter of last year, and 3.346 million barrels of oil equivalent per day in the same period last year.

In the first quarter, Chevron's US upstream business profit was US$1.858 billion, US$1.42 billion in the fourth quarter of last year, and US$2.075 billion in the same period last year; Chevron's international upstream business profit was US$1.9 billion, US$2.884 billion in the fourth quarter of last year, and US$3.164 billion in the same period last year.

In the first quarter, Chevron's US downstream business profit was US$103 million, a loss of US$348 million in the fourth quarter of last year, and US$453 million in the same period last year; Chevron's international downstream business profit was US$222 million, US$100 million in the fourth quarter of last year, and US$330 million in the same period last year.

In the first quarter, Chevron's operating cash flow was US$5.2 billion, US$8.7 billion in the fourth quarter of last year, and US$6.8 billion in the same period last year; free cash flow was US$1.3 billion, US$4.4 billion in the fourth quarter of last year, and US$700 million in the same period last year.

In the first quarter, Chevron's capital expenditure was US\$3.9 billion, compared to US\$4.3 billion in the fourth quarter of last year and US\$4.1 billion in the same period last year. In addition, Chevron's debt-to-equity ratio was 16.6% at the end of the first quarter, compared to 13.9% at the end of the fourth quarter of last year and 12% in the same period last year.

TotalEnergies: Adjusted net income was US\$4.192 billion

Recently, TotalEnergies announced its first-quarter results, with adjusted net income of US\$4.192 billion, compared to US\$4.406 billion in the fourth quarter of last year, a decrease of 5% quarter-on-quarter; and US\$5.112 billion in the same period last year, a decrease of 18% year-on-year.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: "The Company's performance in the first quarter of 2025 was strong, maintaining the positive momentum from the fourth quarter of 2024. The Board is confident in the Company's ability to achieve its 2025 growth targets. Although Brent crude oil prices have remained below US\$70 per barrel since April, and geopolitical and macroeconomic uncertainties remain, the Board has decided to continue its share buyback program of up to US\$2 billion in the second quarter."

In the first quarter, TotalEnergies' operating cash flow was US\$2.563 billion, compared to US\$12.507 billion in the fourth quarter of last year and US\$2.169 billion in the same period last year.

As of March 31, TotalEnergies' net debt-to-equity ratio was 14.3%, compared to 8.3% as of December 31, 2024, and 10.5% in the same period last year.

In the first quarter, TotalEnergies' oil and gas production was 2.558 million barrels of oil equivalent per day, compared to 2.427 million barrels of oil equivalent per day in the fourth quarter of last year and 2.461 million barrels of oil equivalent per day in the same period last year. This increase was mainly due to continued production increases from projects in Brazil, the United States, Malaysia, Argentina, and Denmark.

In the first quarter, TotalEnergies' Exploration & Production segment's adjusted profit was US\$2.451 billion, compared to US\$2.305 billion in the fourth quarter of last year and US\$2.55 billion in the same period last year; the integrated LNG segment's adjusted profit was US\$1.294 billion, compared to US\$1.432 billion in the fourth quarter of last year and US\$1.222 billion in the same period last year. TotalEnergies said that although LNG prices increased year-on-year, they were still below the level of the fourth quarter of 2024. LNG trading performance was in line with expectations for 2025, while natural gas trading was under pressure due to the unexpected weakening of the European market caused by geopolitical conflicts.

In the first quarter, TotalEnergies' integrated power segment's adjusted profit was US\$506 million, compared to US\$575 million in the fourth quarter of last year and US\$611 million in the same period last year. TotalEnergies said that the company is continuing to advance its differentiated integrated power strategy in Germany, having completed the acquisition of renewable energy developer VSB in early April and launched a battery storage project.

In the first quarter, TotalEnergies' refining and chemicals segment's adjusted profit was US\$301 million, compared to US\$318 million in the fourth quarter of last year and US\$962 million in the same period last year; the energy marketing and services segment's adjusted profit was US\$240 million, compared to US\$362 million in the fourth quarter of last year and US\$255 million in the same period last year.

bp: Underlying replacement cost profit was US\$1.381 billion

Recently, bp announced its first-quarter underlying replacement cost profit of US\$1.381 billion, compared to US\$1.169 billion in the fourth quarter of last year and US\$2.723 billion in the same period last year, a decrease of 49% year-on-year. In addition, the dividend per share was 8 US cents, unchanged from the fourth quarter of last year and 7.27 US cents in the same period last year. bp also announced that it repurchased US\$750 million in shares in the first quarter.

In the first quarter, bp's operating cash flow was US\$2.834 billion, compared to US\$7.427 billion in the fourth quarter of last year and US\$5.009 billion in the same period last year.

In the first quarter, bp's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was US\$8.701 billion, compared to US\$8.413 billion in the fourth quarter of last year and US\$10.306 billion in the same period last year.

Murray Auchincloss, bp's chief executive officer, said: "In February, the company underwent a fundamental strategic adjustment, namely expanding the scale of its upstream business, focusing on core downstream assets, and adopting a prudent approach to energy transition. Currently, the company has successfully put three major projects into operation, completed six exploration discoveries, and is continuing to advance its asset divestment plan. At the same time, we have maintained excellent operational performance, with an upstream plant reliability index exceeding 95% and a refinery operating rate exceeding 96%. "

In the first quarter, bp's capital expenditure was US\$3.623 billion, compared to US\$3.726 billion in the fourth quarter of last year and US\$4.278 billion in the same period last year.

In the first quarter, bp's Gas & Low Carbon Energy segment's underlying replacement cost profit before interest and taxes was US\$997 million, compared to US\$1.987 billion in the fourth quarter of last year and US\$1.658 billion in the same period last year.

In the first quarter, bp's Oil Production & Operations segment's underlying replacement cost profit before interest and taxes was US\$2.895 billion, compared to US\$2.924 billion in the fourth quarter of last year and US\$3.125 billion in the same period last year. bp said it has received permission to restore and redevelop its investment in a large oil field in the Kurdistan region of northern Iraq.

In the first quarter, bp's Customers & Products segment's underlying replacement cost profit before interest and taxes was US\$677 million, compared to a loss of US\$302 million in the fourth quarter of last year and US\$1.289 billion in the same period last year. bp said it is conducting a strategic review of its Castrol lubricants business to improve its performance in the next phase. In addition, bp announced plans to sell its retail convenience and mobility business in Austria, which will be completed by the end of the year.

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Equinor: First-quarter adjusted profit was US\$1.789 billion

Recently, Equinor (Norway's national oil company) announced its first-quarter results, with adjusted profit of US\$1.789 billion (US\$0.66 per share), compared to US\$1.733 billion (US\$0.63 per share) in the fourth quarter of last year and US\$2.836 billion (US\$0.96 per share) in the same period last year, a decrease of 37% year-on-year.

Anders Opedal, CEO of Equinor, said: "The company's performance in the first quarter was strong, with good operations and stable production, seizing the opportunity of rising gas prices. In the face of current market uncertainties, the company's core goal is to ensure safe and stable operations and improve its risk resistance."

In the first quarter, Equinor's adjusted exploration expenditure was US\$127 million, compared to US\$343 million in the fourth quarter of last year and US\$266 million in the same period last year.

In the first quarter, Equinor's operating cash flow was US\$9.041 billion, compared to US\$2.022 billion in the fourth quarter of last year and US\$9.138 billion in the same period last year.

In the first quarter, Equinor's Exploration & Production (Norway) segment's adjusted operating income was US\$7.453 billion, compared to US\$6.805 billion in the fourth quarter of last year and US\$5.756 billion in the same period last year; Equinor's Exploration & Production (International) segment's adjusted operating income was US\$531 million, compared to US\$303 million in the fourth quarter of last year and US\$616 million in the same period last year; Equinor's Exploration & Production (USA) segment's adjusted operating income was US\$511 million, compared to US\$184 million in the fourth quarter of last year and US\$377 million in the same period last year.

In the first quarter, Equinor's Marketing, Midstream & Processing segment's adjusted operating income was US\$253 million, compared to US\$659 million in the fourth quarter of last year and US\$887 million in the same period last year; the renewable energy segment's adjusted operating income was a loss of US\$48 million, compared to a loss of US\$100 million in the fourth quarter of last year and a loss of US\$70 million in the same period last year.

BASF: Earnings before interest and taxes excluding special items were EUR 1.664 billion

BASF recently announced its first-quarter results, with sales reaching €17.402 billion (approximately RMB 144.2 billion), compared to €15.856 billion in the fourth quarter of last year and €17.553 billion in the same period last year, representing a year-on-year decrease of 0.9%.

In the first quarter, BASF's earnings before interest and taxes (EBIT), excluding special items, amounted to €1.664 billion, compared to €554 million in the fourth quarter of last year and €1.754 billion in the same period last year.

In the first quarter, BASF's earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding special items, reached €2.625 billion, compared to €2.712 billion in the same period last year.

BASF stated that in the first quarter, the company maintained its market position in an unstable market environment, meeting analysts' expectations. Furthermore, the company's commitment to localized production provides greater resilience and competitive advantages compared to other companies.

As of March 31, 2025, BASF's net debt was €20.393 billion, compared to €18.781 billion as of December 31, 2024, and €18.175 billion in the same period last year.

In the first quarter, BASF's earnings per share were €0.91, compared to €1.53 in the same period last year. BASF aims to distribute €12 billion to shareholders from 2025 to 2028. Additionally, BASF maintains its 2025 targets unchanged: EBITDA excluding special items of €8 to €8.4 billion, free cash flow of €400 million to €800 million, and carbon emissions of 16.7 to 17.7 million tons.

Dow Chemical: Net loss of $290 million

Dow Chemical recently released its financial report, showing first-quarter sales of $10.431 billion, lower than $10.765 billion in the same period last year but higher than $10.405 billion in the fourth quarter of last year.

In the first quarter, Dow Chemical reported a net loss of $290 million, compared to a profit of $538 million in the same period last year and a loss of $35 million in the fourth quarter of last year.

In the first quarter, Dow Chemical's operating EBIT was $230 million, compared to $674 million in the same period last year and $454 million in the fourth quarter of last year.

Jim Fitterling, CEO of Dow Chemical, stated: “Despite persistent macroeconomic challenges, we have achieved year-over-year volume growth for the sixth consecutive quarter. By reducing costs and adjusting production capacity, the company will enhance financial flexibility and further support a balanced capital allocation plan.”

In the first quarter, Dow Chemical's loss per share was $0.44, compared to earnings per share of $0.73 in the same period last year and a loss per share of $0.08 in the fourth quarter of last year.

In the first quarter, impacted by persistent weak demand and resulting profit pressure, Dow Chemical's operating cash flow was $104 million, compared to $460 million in the same period last year and $811 million in the fourth quarter of last year.

In addition, Dow Chemical's total return to shareholders in the first quarter was $494 million. Dow Chemical stated that it will reduce spending, adjust production capacity, establish a strategic partnership with Macquarie Asset Management, sell a minority stake in some of its infrastructure on the US Gulf Coast, and reduce its capital expenditure plan by $1 billion in 2025, aiming for at least $1 billion in cost savings in 2026.