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Big Oil Earnings Mixed over Past Year as Margins Narrow Amid Volatile Crude Prices
Exxon and Chevron remain top profit earners; Valero and Phillips 66 see quarterly losses in early 2025
Oil prices have remained stable over the past four quarters despite wars affecting some major oil producing regions of the world. The Middle East tensions and the Russia-Ukraine war have been red flags for energy security across the globe. The oil industry has navigated the choppy waters of the geopolitical tensions over the past four quarters without the oil hitting a price spiral. However, the uncertainties of President Donald Trump’s tariff regime whatever shape it finally achieves could affect the margins going forward.
Despite potential headwinds affecting global shipping, most major oil companies steadily increased profit over the past four quarters.
Over the past four quarters ending Q1 2025, the top ten energy companies in the S&P 500 reported a wide spectrum of earnings, reflecting both resilient demand and increasing margin pressures across the energy sector. While Exxon Mobil and Chevron posted profits, downstream refiners like Valero Energy, and Phillips 66 faced losses in the most recent quarter, pointing to volatility in refining margins and input costs.
Exxon Mobil and Chevron Dominate with Steady Profits
Exxon Mobil Corp. [XOM] tops the list, earning a robust $32.3 billion over the past year. Its quarterly performance remained stable, with profits ranging from $7.6 billion to $9.1 billion, driven by integrated operations and strong upstream production.
Chevron Corp. [CVX] followed with $24.5 billion in net income. Though its Q1 2025 profits declined to $3.5 billion due to legal reserves and tax impacts, Chevron maintained quarterly earnings above $4 billion for most of the period.
Mixed Results Among Independent Producers
ConocoPhillips [COP] posted a solid $9.2 billion annual profit, with quarterly earnings steady between $2.3 billion and $2.8 billion. Occidental Petroleum [OXY] reported $5.0 billion in annual net income, showing consistent returns with slight improvement in Q1 2025.
EOG Resources [EOG] generated net income of $6.0 billion, despite some softness in Q4 2024. The company rebounded in Q1 2025 with $1.46 billion, as upstream efficiency helped offset lower commodity prices.
Oilfield Services and Equipment Providers Remain Profitable
Schlumberger Ltd. [SLB] recorded $4.0 billion in net income, reflecting steady service demand despite a Q1 2025 year-over-year decline of 25%. Baker Hughes Co. [BKR] also saw positive momentum with a total profit of $2.0 billion, posting $402 million in Q1 2025.
Refiners Face Downturn Amid Weak Margins
Marathon Petroleum Corp. [MPC] earned $9.1 billion over the four quarters, but its Q1 2025 EBITDA dropped sharply to $489 million, a sign of squeezed refining margins. Phillips 66 [PSX] reported only $0.2 billion in Q1 2025, following a Q4 2024 loss of $61 million.
Valero Energy Corp. [VLO] p osted an $8.8 billion annual profit but registered a sharp downturn in Q1 2025, with a net loss of $595 million, marking a difficult start to the year due to oversupply and reduced crack spreads.
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