BP, Chevron, Exxon Mobil, Shell and TotalEnergies reported combined third-quarter net profits of $56 billion, but have largely kept spending plans unchanged despite higher energy prices. Their combined net debt fell to $117 billion, while buybacks reached $12.3 billion.
The five oil majors reported combined third-quarter net profits of $56 billion, driven by higher oil and gas prices, strong refining margins and trading results. BP posted a record quarterly profit of $8.5 billion. Combined net debt fell to $117 billion from $204 billion in the first quarter, and buybacks totaled $12.3 billion.
Despite improved commodity prices, the companies have largely maintained capital spending plans. Shell cut its 2026 spending guidance by $1 billion to $23 billion-$25 billion, while Chevron expects spending at the lower end of its $18 billion-$19 billion range. Exxon said it plans to buy back $20 billion of shares in 2027, similar to this year.
The column says executives do not appear to view elevated prices as the start of a new supercycle, citing uncertainty over the energy transition and volatile markets. Boards are expected to review 2027 spending plans before year-end, with any changes likely to focus mainly on shareholder distributions.
