Europe’s Energy Giants Show They’re in Better Shape Than Feared

Europe’s energy firms did much better than expected in the third quarter, as stronger refining margins offset the impact of subdued oil prices, though the outlook going into 2026 remains uncertain.

The MSCI Europe Energy Index delivered earnings-per-share growth of 2.7% for the third quarter, compared with expectations of a 6.8% decline, Bloomberg Intelligence data shows. Oil and gas companies also delivered the highest percentage of earnings beats in the period.