Contrary to the experience last year when oil prices tanked, Shell, Total, ExxonMobil and Chevron have reported a return to profitability in the first quarter, bolstered by a significant jump in oil prices.
Total at the weekend, reported a strong first-quarter recovery in its upstream oil and gas business, with higher prices leading to almost triple the level of adjusted operating profit in the segment compared to a year ago, but also noted continued market volatility and “very poor” refining margins. The fall in upstream output was due to reductions under the OPEC+ agreement, which crimped volumes from Kazakhstan, Nigeria and the UAE, as well as unplanned Norwegian maintenance, Total said.
ExxonMobil and Chevron however face weakness in their downstream business amid tepid demand for petroleum products, especially jet fuel. ExxonMobil, which reported losses in all four quarters in 2020, reported profits of $2.7 billion in the first quarter. Revenues rose 5.3 percent to $59.1 billion.
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