Oil companies worldwide have reported substantial profits during the first quarter and first half of the year, with cautious expectations given the Middle East conflict.

Regional scenario: Latin America and the United States

Brazilian company Petrobras reported a daily average of 3.281 million barrels of oil and natural gas in the first half of the year, equivalent to 15.1% more than the same period in 2025.

Venezuelan oil company PDVSA reported accumulated revenues of $9.4 billion from January to May. Meanwhile, the refining subsidiary Citgo Petroleum closed its first quarter of 2026 with a net profit of $157 million.

The Argentine company YPF reported a net profit of $409 million and an operating profit of $878 million, in addition to achieving a record adjusted EBITDA for a first quarter of $1.594 billion, thanks to higher international prices and efficiency in Vaca Muerta.

The US-based Chevron reported net profits of $2.2 billion and adjusted profits of $2.8 billion in the first quarter of 2026. ConocoPhillips reported adjusted earnings per share (EPS) of $1.89 and total revenue of approximately $15.36 billion in the same period.

Europe and Asia

Repsol (Spain) reported earnings of €2.201 billion in the first half of this year, a 265% increase, for a net profit of €2.711 billion.

Italy’s Eni reported earnings of €4.390 billion from January to June, a 156 % increase compared to the €1.715 billion reported for the same period last year.

Finnish oil company Neste reported a net profit of €1.298 billion in the first half of the year.

British Shell reported $6.9 billion in earnings for the first quarter and a net profit of $5.694 billion.

Saudi Aramco, for its part, posted an adjusted net profit of $33.6 billion from January to March, representing a year-on-year increase of 25 % to 26 % compared to the same period in 2025.

PetroChina also reported a net profit attributable to shareholders of 48.333 billion yuan (approximately $7.07 billion) in the first quarter of 2026, a year-on-year increase of 1.9 %.

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With information from international media

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Venezuelan Minister of Hydrocarbons, Paula Henao, stated that crude oil production has reached 1,200,000 barrels per day, describing it as an operational achievement for the national energy industry.

The official made the statement during an event in Anzoátegui state with workers from the Orinoco Oil Belt. The event also provided an opportunity to analyze “legal aspects of the country’s energy sector,” and the minister reiterated that the Hydrocarbons Law Reform is geared toward attracting foreign investment.

 

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The tour is part of the ministry’s agenda in Anzoátegui state, in eastern Venezuela. Henao commended the workers for “their effort, commitment, and professional quality.”

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The territorial president of the Federation of Chambers and Businesses of Venezuela (Fedeindustria), Jorge Hernández, has indicated that 2026 will be a positive and decisive year for the country’s economic recovery.

In the words of the business leader, “the current economic reconstruction process focuses on policies with an immediate impact on social welfare, based on boosting private investment and a structural reform toward simplifying the State.”

According to Hernández, the implementation of three key legal instruments is very positive: the Reform of the Organic Hydrocarbons Law, the Draft Organic Law for the Protection of Socioeconomic Rights, and the Law for the Simplification of Administrative Procedures.

These instruments aim to eliminate bureaucratic processes and generate legal certainty. Furthermore, Hernández highlighted the sense of hope and confidence within the private sector, in a context of economic growth and international openness.

He referred to the progress in the oil sector through investment and crude oil sales, the opening of the energy sector, as well as the growth of the manufacturing industry and bank credit as fundamental pillars of the economic recovery this year.

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The Office of Foreign Assets Control (OFAC) issued a new license last week for the sale of US diluents to Venezuela, as part of the opening of crude oil exports from the South American country.

According to this license, the export and sale of US diluents to Venezuela is formally authorized, as they represent a key input for the production of exportable crude oil from the OPEC member country.

“The official document highlights that the authorization directly supports the current administration’s policy to revitalize Venezuela’s oil sector. Furthermore, the new regulations expressly authorize the processing of payments made by the Venezuelan government for these transactions, allowing the flow of financial resources between the two nations to be executed legally under the Treasury’s administrative framework.”

The new measure from the U.S. Treasury Department reinforces “the normalization of commercial activity and the logistical support necessary for the operation of the energy industry in the country.”

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According to the report of the Organization of Petroleum Exporting Countries (OPEC); in the month of January Venezuela exceeded one million barrels of daily oil production.

“Venezuelan production reached the figure of 1,031,000 barrels of daily crude oil based on direct estimates, which means an increase of 33,000 barrels of daily crude oil compared to December 2024,” according to the organization.

However, according to secondary sources, crude oil production in the first month of 2025 was 892,000 bpd, which represents a decrease of 18,000 barrels compared to the previous month.

It is known that the production figure above one million barrels per day “was a goal set by the Venezuelan government, after several years of difficulties in its oil industry.”

According to the data referred to on Wednesday, February 12, the average of the main Venezuelan reference crude, Merey, showed an increase and was quoted at $66.86 per barrel, compared to the $61.13 it had in December 2024.

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