Officials with Exxon Mobil and Shell warned investors Monday that volatile oil and gas prices will weigh on their second-quarter earnings results.
Texas-based Exxon said oil price changes reduced profits by an estimated $1 billion compared with the first quarter, while gas price swings were a drag of roughly $500 million.
London-based Shell, meanwhile, said earnings from its trading arm are expected to be “significantly lower” in the second quarter of 2025 than in the first quarter. In a statement to POLITICO’s E&E News, Shell spokesperson Natalie Gunnell attributed the drop in earnings to fluctuations in oil and gas prices.
Energy market changes in the quarter were “driven by global geopolitical volatility rather than traditional supply-and-demand disruptions,” Gunnell said in an email.
