Major oil companies report mixed financial results despite high production

Several large oil and gas companies are reporting financial struggles even as they pump record amounts of oil. CNOOC, a Chinese state-owned firm, said its record output did not protect it from market volatility. Sinopec, another Chinese energy giant, reported a profit slump for 2025 due to oil prices and its chemicals business.

Aker BP, a Norwegian company, also saw its earnings slide, though it is making a big push to grow its operations. Meanwhile, the price benchmark for oil in Asia is shifting, with traders beginning to price U.S. oil against the Brent benchmark due to volatility in the Dubai market.