Third-Quarter Oil Profits Climb From Beijing to Houston on Higher Prices and Refining Gains
Key Highlights
- ➤Phillips 66 (PSX) earnings $5.6B, or $14.08 per share, up from $3.847B
- ➤Eni (E) adjusted net profit €2.801B, up 125% year over year
- ➤PetroChina (00857; 601857) third-quarter profit rose 21.6% to RMB51.840B
- ➤Equinor (EQNR) raised 2026 production growth guidance to around 4%
- ➤U.S. crude inventories fell 1.9 million barrels, reaching 4% below five-year average
Third-Quarter Oil Profits Climb From Beijing to Houston on Higher Prices and Refining Gains PR Newswire
DALLAS, Oct. 28, 2026 /PRNewswire/ -- Oil Market Daily News Commentary - Third-quarter results from oil producers and refiners are arriving in a market still shaped by tight supply. The U.S. Energy Information Administration said the Brent crude oil spot price averaged $114 per barrel in September, $23 higher than in August, and the International Energy Agency said cumulative global observed inventories were 509 million barrels below pre-war levels by the end of September. Over the longer term, Towards Chemical and Materials estimated the global oil and gas market size at USD 6.10 trillion in 2024 and expects it to surpass around USD 8.79 trillion by 2034, growing at a CAGR of 3.72% from 2025 to 2034. Active Companies from around the markets with current developments this week include: PetroChina Company Limited (HKSE: 00857; SSE: 601857), Eni S.p.A. (NYSE: E), Equinor ASA (NYSE: EQNR), Phillips 66 (NYSE: PSX).
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