Business is booming for two biggest US oil companies, with both benefiting from higher prices and record production

ExxonMobil and Chevron both reported better than expected quarterly results on Friday as the oil majors benefited from higher prices and record production.

The boon for oil companies has simultaneously been a major pain point for consumers, who say the higher cost of living, especially gas prices, will affect how they vote in the upcoming midterm elections that will determine control of Congress.

Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’

BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period ​a year ​ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.

Oil giant hails ‘banner quarter’ as earnings reach $8.46bn, prompting anger from climate campaigners

BP’s profits have hit their highest level in almost two decades as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling to $8.46bn (£6.3bn), from $2.2bn ​a year ​ago.

Energy firm to return $5bn to shareholders as climate campaigners criticise high profits

• Business live – latest updates

Shell has doubled its profits in the last quarter after the Middle East conflict drove up the price of oil and gas and created shortages in the global market.

Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, up from $5.432bn in the third quarter of 2025. The results beat analyst expectations for a rise to $10.33bn.

Energy firm to return $5bn to shareholders as climate campaigners criticise high profits

• Business live – latest updates

Shell has doubled its profits in the last quarter after the Middle East conflict drove up the price of oil and gas and created shortages in the global market.

Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, up from $5.432bn in the third quarter of 2025. The results beat analyst expectations for a rise to $10.33bn.

Critics warn of climate danger as president in Texas claims change will save companies and consumers billions

Donald Trump said his administration is “terminating” Biden-era regulations holding oil and gas companies accountable for large leaks of planet-warming methane during a rally in Lubbock, Texas, on Tuesday evening.

“Tonight, I’m officially terminating Biden’s expensive and unnecessary methane regulations to save consumers and energy producers,” Trump said, lifting what he called “crippling regulations on methane that caused prices to skyrocket” for small oil and gas operators. The change would save consumers and energy producers $45bn and unlock 210m barrels of oil, he said, which is equivalent to about 10 days of US petroleum consumption.

Critics warn of climate danger as president in Texas claims change will save companies and consumers billions

Donald Trump said his administration is “terminating” Biden-era regulations holding oil and gas companies accountable for large leaks of planet-warming methane during a rally in Lubbock, Texas, on Tuesday evening.

“Tonight, I’m officially terminating Biden’s expensive and unnecessary methane regulations to save consumers and energy producers,” Trump said, lifting what he called “crippling regulations on methane that caused prices to skyrocket” for small oil and gas operators. The change would save consumers and energy producers $45bn and unlock 210m barrels of oil, he said, which is equivalent to about 10 days of US petroleum consumption.