OGJ100 Earnings Diverge Amid Lower Oil Prices and Currency Swings

The OGJ100 companies' earnings in 2025 were marked by divergence, as lower crude oil prices collided with currency swings and one-off items. While weaker realized prices pressured earnings at most of the largest Asian and European producers, favorable foreign-exchange movements and accretive acquisitions drove some companies to sharply higher profits.

Canadian Natural Resources reported a net income of $7.74 billion in 2025, up 73.7% from $4.46 billion in 2024. The company achieved record annual production of 1.57 MMboe/d, driven by both organic growth and acquisitions. Suncor Energy Inc. ranked as the second-largest Canadian producer with assets of $65.7 billion at yearend 2025.

Shell PLC maintained its position as the top European oil and gas company by total assets, followed by TotalEnergies SE and bp PLC. Shell reported a net profit of $17.84 billion in 2025, up 11% from $16.09 billion in 2024. Petroleo Brasileiro SA (Petrobras) reported a net profit of $19.72 billion for 2025, a 160% increase from the $7.61 billion recorded.