In a global energy market marked by volatility and a 13% drop in crude oil prices during the year, Shell and ExxonMobil closed the third quarter with financial results that exceeded analysts' expectations.
Both companies, leaders in hydrocarbon exploration and production, stood out for their operational resilience, driving adjusted earnings that reflect progress in key projects and efficient capital management.
Shell, the Anglo-Dutch oil company, reported adjusted net profits of $5.43 billion, exceeding average projections of $4.74 billion. This rebound was primarily driven by a recovery in its upstream and downstream divisions, benefiting from more favorable commodity prices and progress in deep-water exploration in the Gulf of Mexico and Brazil .
The company generated an operating cash flow of $12.2 billion , which allowed it to sustain a $3.5 billion share buyback program and reduce its net debt to $41.2 billion, from $43.2 billion in the previous quarter.
Meanwhile, US-based ExxonMobil raised the bar with adjusted earnings of $8.1 billion , exceeding estimates thanks to a 5% increase in global production. High-yield projects in Guyana and the Permian Basin were the main drivers, offsetting pressure from lower refined product prices. Total revenue reached $87.7 billion, although below some forecasts, while operating cash flow reached $14.8 billion, allowing for distributions to shareholders of $9.4 billion in the form of dividends and share buybacks.
Operational efficiency rules
In comparative terms, ExxonMobil maintained a clear advantage in scale, with higher absolute figures for revenue and profit, reflecting its position as the world's largest oil producer. However, Shell demonstrated greater agility in reducing debt, closing the valuation gap with US competitors. Both firms prioritized investor returns in an environment of rising costs, where operational efficiency became the key differentiator in the face of geopolitical instabilities that affected previous markets.
Stock market performance underscores this strength: Shell shares have risen 16% on the London Stock Exchange since the beginning of 2025, outperforming European peers, while ExxonMobil gained similar ground in New York, with a net debt-to-equity ratio of 9.5%, lower than its rival's. These gains come at a critical time, with the energy transition putting pressure on renewable energy investments, although both companies maintained a focus on traditional hydrocarbons to sustain margins. Looking ahead, Shell and ExxonMobil executives emphasized adaptability to global pressures, with plans for cost-cutting and sales of unprofitable assets. In a sector where energy demand persists despite fluctuations, these results confirm that the oil giants remain pillars of stability, albeit with growing challenges from climate and regulatory volatility. Analysts predict a cautious but optimistic end to the year for both companies.