"BP, Shell, and TotalEnergies each earned between $3.3 billion and $4.75 billion more in Q1 2025 than in Q4 2025."

European Oil Majors Post Record Trading Profits Amid Iran War Volatility

BP's Q1 2025 profit more than doubled year-over-year, driven by a surge in oil prices and booming trading operations. The company attributed the gains directly to the extreme market conditions following the outbreak of the Middle East conflict.

TotalEnergies raised its interim dividend by 6% after reporting Q1 earnings that jumped 30% year-over-year. The French major specifically cited the spike in oil prices and "very strong oil trading results" in the wake of the war with Iran.

Shell reported earnings that exceeded consensus estimates, crediting higher realized liquids prices and "significantly higher trading amid unprecedented market volatility."

Trading Outperformance vs. U.S. Rivals

The European majors significantly outperformed U.S. rivals Chevron and ExxonMobil in trading profits during the quarter. While the U.S. firms were more heavily impacted by lost production in the Middle East, European companies capitalized on the price dislocations.

Oil companies do not separately disclose trading profits, but the major players all commented positively on their trading division performance in their Q1 reports.

Analyst Perspective

According to analyst estimates cited by the Financial Times, the three European majors each earned additional profits of between $3.3 billion and $4.75 billion in Q1 2025 compared to Q4 2025. This windfall was attributed entirely to extreme market volatility from the Iran war.