The world’s leading oil companies are moving ahead with output expansions, brushing aside oversupply concerns on the heels of OPEC+ unwinding and largely disappointing Q3 earnings.
France’s TotalEnergies kicked off the Q3 earnings call season, with adjusted net income falling 2% year-over-year to $4 billion, whilst ExxonMobil’s net income fell by an even steeper 12% to $7.55 billion.
Apart from OPEC+ countries, US oil majors have also contributed to oversupply concerns in 2026, with ExxonMobil and Chevron respectively adding 1.2 million b/d and 0.9 million b/d of incremental output since 2021.
According to Bloomberg, the five global supermajors will post combined profits of $21.8 billion in Q3, a 7% increase from the previous three months thanks to higher refining margins.
Rising debt has been at the forefront of earnings call, with BP, Chevron and Exxon cutting 17,000 jobs combined, and most supermajors already telegraphing a notable slowdown in 2026 buybacks.
Alberta’s Oil Sands: Cleaner by the Barrel, Dirtier by the Ton
Canada is facing a greenhouse gas dilemma amidst increasing oil sands production – the intensity of Alberta’s output keeps on decreasing even though total emissions continue to rise.
S&P Global estimates that Canada’s absolute oil-driven emissions rose to 85 million mtCO2e last year, up 1 mtCO2e, almost double its emissions in 2010. The average intensity of the Canadian oil sands was 57 kgCO2e/b.
