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Since the war began the share price of Shell, a British giant, has risen by 4%; those of TotalEnergies, BP and Eni, its big European rivals, have soared by 15–17%.
Chevron and ExxonMobil's first-quarter net incomes fell 37% and 46%, mainly due to hedging losses.
KEY POINTS
- American majors incur larger hedging losses than European rivals because they typically buy more price protection.
- European energy firms generate significant trading profits, with BP trading 12 million barrels per day, 11 times its production.
- Chevron plans to handle over 40% of its crude in-house next quarter, doubling last year's share.
- ExxonMobil's output is particularly vulnerable to the Hormuz closure, risking a further decline in production.
COMPANIES
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