The companies also generated nearly $90 billion in cash during the quarter, the highest level on record and above the cash generated following Russia's full-scale invasion of Ukraine in early 2022.
The strong earnings have also drawn political criticism. US President Donald Trump last week criticised Exxon and Chevron for making "too much money" from higher fuel prices during the Iran war and renewed his call for lower prices at the pump.
Where is the money going?
Much of the additional cash has gone towards building reserves and reducing debt, according to IEEFA's (Institute of Energy Economics and Financial Analysts ) Williams-Derry to CNBC. Cash reserves across the five supermajors increased by a little over $17 billion from the previous quarter.
Meg O'Neill said the company was concentrating on reliability across its upstream assets, where it produces oil, as well as its refining operations. She said BP had also changed the way its refineries were operating to maximise the availability of products most needed by consumers, including jet fuel and diesel.
Shell CEO Wael Sawan described volatility as "the new normal" and said higher commodity prices had provided a strong tailwind for the company's results.
The American Petroleum Institute, which represents about 600 drilling companies, refiners and other industry participants, said oil and gas is a cyclical business that should be assessed over decades rather than quarters. It also opposed calls for a windfall tax on excess profits.
The API said the industry was delivering record production and world-leading refining during one of the biggest global energy disruptions in decades, while continuing to invest in supply, infrastructure and resilience.
On windfall taxes, the lobby group said such taxes would not lower consumer prices and could discourage the long-term investment needed to strengthen supply, infrastructure and energy resilience.
Where is oil headed?
The duration of the supply disruption will be a key factor in determining where oil prices go from here. JPMorgan estimates that every additional month of disruption could add about $7 to $8 a barrel to Brent prices. If the disruption lasts three months, the bank expects average monthly Brent prices to reach around $114 a barrel.
Goldman Sachs has similarly warned that Brent could rise to $120 a barrel if shipping disruptions through the Strait of Hormuz, the world's most important oil transit route, continue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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