Global Oil Majors Report Q1 Production, Profits; Eni Confirms Giant Gas Find

ExxonMobil produced the most oil and gas among U.S. majors in the first quarter of 2026, according to a Rigzone report published Thursday. The report compared the quarterly production of ExxonMobil, Chevron, and ConocoPhillips. For Bakken operators, the performance of these integrated majors can signal broader market trends and capital allocation strategies that influence the basin's competitive environment.

In other earnings news, Norway's Aker BP posted a higher profit, Rigzone reported separately on Thursday. The company's increased profitability was driven by higher liquids prices, which offset a decrease in its sales volumes for both liquids and gas. This dynamic of price strength balancing production volumes is a key focus for North Dakota producers, who manage similar economic pressures in the Williston Basin.

Internationally, Italian energy giant Eni confirmed the size of a "giant" gas discovery offshore Indonesia, Rigzone reported. The company stated a drill stem test confirmed approximately 5 trillion cubic feet of natural gas and 300 million barrels of condensate in the Geliga-1 discovery. While not a direct Bakken event, major global discoveries can influence long-term supply forecasts and international investment flows, potentially affecting the competitive landscape for capital within the U.S. shale sector.

These developments arrive as the North Dakota oil industry monitors commodity prices and operational efficiency. The ability of majors like ExxonMobil to maintain large-scale production underscores the importance of scale and integrated operations. Meanwhile, the profit resilience shown by firms like Aker BP, even with lower volumes, highlights the critical role of commodity prices in driving Bakken cash flows. The confirmation of a major international resource by Eni serves as a reminder of the global nature of the energy market in which Bakken crude competes.