In the second quarter of 2025, the company's earnings and losses under U.S. GAAP for its various segments were as follows:
- Upstream: $6.8 billion
- Energy products: $0.8 billion
- Chemical products: $0.3 billion
- Specialty products: $0.7 billion
- Corporate and financial: ($0.8) billion
When excluding identified items, the non-GAAP earnings for the first quarter of 2025 were also $7.7 billion.
Looking at the estimated effects of market factors impacting the second quarter of 2025 compared to the first quarter, changes in liquid prices are expected to have a negative impact of $1.2 billion on upstream earnings and a negative impact of $0.8 billion on specialty products earnings. Changes in gas prices are expected to have a negative impact of $0.7 billion on upstream earnings and a negative impact of $0.3 billion on specialty products earnings.
Moreover, changes in industry margins are estimated to have a mixed effect, with a positive impact of $0.1 billion on energy products earnings, no significant change on chemical products earnings, and a negative impact of $0.1 billion on specialty products earnings.
In terms of planned and seasonal factors, as well as other items impacting the second quarter of 2025, changes in scheduled maintenance are expected to have a negative impact of $0.2 billion on upstream earnings, no significant impact on energy products earnings, a negative impact of $0.1 billion on chemical products earnings, and a negative impact of $0.1 billion on specialty products earnings.
These figures provide a detailed insight into the expected changes in earnings and the factors driving those changes for the company's various segments in the second quarter of 2025 compared to the first quarter. The market has reacted to these announcements by moving the company's shares -1.31% to a price of $110.73. For more information, read the company's full 8-K submission here.