Global Volatility Boosts Majors' Trading; ND Launches $157M Recovery Push

BP, Shell, and TotalEnergies earned between $3.3 billion and $4.75 billion more in first-quarter 2025 trading compared to the fourth quarter of 2025, according to a report by OilPrice.com citing Financial Times estimates. The surge was driven by extreme market volatility from the war in Iran.

The European majors outperformed U.S. rivals Chevron and ExxonMobil in trading, with the American firms more directly exposed to production losses in the Middle East, OilPrice.com reported. All three European companies posted "exceptional" trading results: BP more than doubled profits year-over-year, TotalEnergies raised its interim dividend by 6%, and Shell beat consensus estimates.

Separately, North Dakota has launched a $157 million initiative aimed at improving Bakken oil recovery, according to Bing News. The Department of Energy is providing $36 million toward the effort. State officials aim to double output recovery rates from the formation.

In drilling activity, North America added two rigs week-on-week, according to the latest Baker Hughes North America rotary rig count reported by Rigzone. The count is a key indicator of upstream oil and gas activity.

The juxtaposition of global trading windfalls and local investment highlights different strategic focuses. The European majors' massive trading gains, described as offsetting lost Middle Eastern production, underscore how price volatility can benefit firms with large trading desks. For Bakken operators, the state's new recovery push represents a direct investment in extending the life and output of the local play, which is less exposed to geopolitical production disruptions but faces its own technical recovery challenges.

The modest weekly increase in the North American rig count suggests a steady but cautious operational environment for shale basins, including the Bakken.