Why Big Oil Is Still Gushing Profits Despite Low Oil Prices

Oil markets have been volatile over the past couple of weeks, driven by a series of geopolitical developments including new U.S. sanctions on Russian energy, coupled with a fragile cease-fire in Gaza. Oil prices remain well below recent highs, with both Brent and WTI crude trading ~$15/bbl below their 52-week peak. Weak oil prices have taken a toll on the bottom lines of oil and gas companies, with the energy sector reporting third-quarter earnings growth at -0.5%, with only the Communication Services sector reporting lower growth at -7.1%. Both…