The 10 Most Profitable Integrated Oil Companies in Q3 2026: Refining Margins Reshuffled the Ranking

The ranked table of the most profitable oil companies

• 1. Aramco: $31.2bn, adjusted net income, up 9% on Q3 2025. Net income was $36.3bn, but that includes a one-off gain on a stake sale.
• 2. ExxonMobil: $17.5bn, earnings excluding identified items and timing effects. It changed the definition this quarter, so there is no like-for-like Q3 2025 figure.
• 3. Shell: $10.8bn, adjusted earnings, up 99%.
• 4. Chevron: $10.4bn, adjusted earnings, up 186%.
• 5. TotalEnergies: $9.1bn, adjusted net income, up 129%.
• 6. BP: $8.5bn, underlying replacement cost (RC) profit, up 283%.
• 7. PetroChina: $7.8bn, IFRS profit attributable to owners (CNY51.8bn), up 21.6%. It publishes no adjusted measure.
• 8. Suncor: $3.3bn, adjusted operating earnings (C$4.63bn), up 158%.
• 9. Eni: $3.2bn, adjusted net profit (€2.80bn), up 125%.
• 10. Repsol: $3.1bn, adjusted net income (€2.71bn), up 260%.

Aramco alone earned more than ExxonMobil and Shell combined, at $28.3bn. For the discussion, see the Entelera LinkedIn post on this ranking.

Aramco: the most profitable oil companies list starts with scale

Aramco’s lead comes from volume. It sold its crude at an average $95.2/bbl, yet upstream adjusted EBIT still fell 9%. However, downstream adjusted EBIT more than tripled to a record $10.3bn. In other words, refining offset the softer crude price. Read our Aramco Q3 2026 results summary.

The US majors: refining beat upstream at ExxonMobil

ExxonMobil’s Energy Products unit earned $9.05bn on an adjusted basis, more than its upstream arm at $7.31bn. Meanwhile, Brent averaged $97.01/bbl, down from $104.52/bbl in Q2 2026. Margins, not the flat price, moved the needle. Chevron’s adjusted earnings fell 13% on the quarter, but US refining ran at record rates. See our ExxonMobil and Chevron summaries, and our analysis of where their cash went.

Why European names rose among the most profitable oil companies

Shell’s Chemicals & Products unit, which holds its refineries, earned $3.86bn, against $550mn a year earlier. At TotalEnergies, the European Refining Margin Marker averaged $33.2/bbl, against $8.4/bbl in Q3 2025. As a result, Refining & Chemicals had a record quarter. BP gained from refining too, as well as from a stronger gas marketing and trading result. Its customers & products unit made $6.95bn, up from $1.72bn. Shell’s global indicative refining margin averaged a record $42/bbl, up from $24/bbl in Q2 2026 and well above the previous high of $28.04/bbl in Q2 2022 (Shell Q3 2026 results release).

Further down, Eni’s refining swung to a profit, while Repsol rode a Spanish refining margin indicator of $36.2/bbl. Those two show the highest operating leverage to cracks in the top 10. For more, read the Shell, TotalEnergies, BP and Eni summaries, plus our analysis of the European refining windfall.

PetroChina and Suncor: different routes into the top 10

PetroChina’s profit rose 21.6%, on higher oil prices and more gas output. That is a slower rise than its Western peers, partly because China’s fuel demand is falling. Suncor, by contrast, combined oil sands output with downstream margins, and its adjusted operating earnings rose 158%.

What the most profitable oil companies tell traders

For the trading desk, the list of the most profitable oil companies shows that product cracks drove Q3 2026 more than crude did. The year-on-year gains were largest where refining exposure is highest, such as BP, Repsol and Chevron. Therefore, the Q4 2026 ranking will depend on whether diesel and gasoline cracks hold up through winter. A fall in margins would hit the European refiners first, while Aramco’s lead rests mostly on volume.

What to watch next

• ConocoPhillips on 5 November 2026 and Petrobras on 10 November 2026, which could enter the ranking.
• European refining margins in November 2026, the swing factor for Shell, TotalEnergies, BP, Eni and Repsol.
• Brent and the Dated-to-futures spread, which sets upstream earnings for Aramco and the US majors.