Four oil companies reported stronger third-quarter profit measures amid higher crude prices and refining margins, while the International Energy Agency (IEA) says costly diesel is lifting goods costs and weighing on oil demand.
Each company reported a different earnings measure, and their comparison periods vary. Phillips 66's highlighted refining result, for example, is measured against the second quarter; several peers' figures compare with a year earlier.
PetroChina's unaudited results under International Financial Reporting Standards (IFRS) showed RMB 51.84 billion in third-quarter profit attributable to owners, 21.6% above the same quarter a year earlier. Revenue reached RMB 793.573 billion, an increase of 10.4%. For the first nine months of 2026, the company's average realized crude price was $77.65 per barrel, up 18.5% year over year.
Eni's adjusted net profit more than doubled from a year earlier to €2.8 billion. Its refining division recorded €730 million in pro forma adjusted earnings before interest and taxes (EBIT), while hydrocarbon production averaged 1.83 million barrels of oil equivalent per day, 4% higher year over year.
Equinor reported $12.35 billion in adjusted operating income and $11.95 billion in net operating income, compared with $5.27 billion in net operating income a year earlier. The company credited higher commodity prices and strong refining margins for supporting its results.
Phillips 66 reported $6.060 billion in adjusted pretax refining earnings, up from $3.086 billion in the second quarter. Its realized refining margin rose to $38 per barrel from $24.08, and refinery utilization was 98%. The company attributed the improvement to higher margins and volumes, largely as market crack spreads widened.
The U.S. Energy Information Administration (EIA) said Brent crude spot prices averaged $114 per barrel in September, $23 above August. It linked the increase to attacks on oil facilities and tankers in the Middle East. At September's end, the IEA counted global observed oil inventories 509 million barrels below their end-February level. Onshore stocks had fallen to their lowest point since at least 2016, it said.
The IEA projects an average drop of 2.6 million barrels per day in global oil demand in 2026 and expects the market to remain in deficit through year-end. It said high diesel prices were raising goods costs and affecting real incomes, economic activity and inflation. Separately, the agency said high prices were weighing on oil consumption.
Eni announced an additional €0.46-per-share dividend for December and increased its 2026 buyback plan to €3.8 billion. Equinor set a third-quarter dividend of $0.39 per share and a 2026 buyback program of up to $3 billion. Phillips 66 reported returning $2.777 billion to shareholders during the quarter.
The seven OPEC+ countries that set November production at September levels on Oct. 4 are scheduled to meet again Sunday, Nov. 1.
