Glencore sold more oil, earned less from energy sales for a third straight year

Core Insights - Glencore traded more oil in 2025 but reported a decline in earnings from its energy trading business for the third consecutive year, attributed to well-supplied markets, geopolitical uncertainty, and softer market sentiment [1][1][1] Group 1: Trading Performance - Glencore's trading volumes increased to 4.2 million barrels per day, an 11% rise from the previous year, marking the highest level since 2020, although still below the 5.6 million bpd traded in 2017 [1][1][1] - The company experienced a significant rebound in the second half of 2025, following a weak first half where EBIT from energy marketing was only $40 million [1][1][1] Group 2: Financial Results - Earnings before interest and taxes from energy and steelmaking coal trading fell by 32% year-on-year to $614 million in 2025, a stark decline from a record high of $5.2 billion in 2022 [1][1][1] - Glencore announced a return of $2 billion to shareholders despite the drop in earnings [1][1][1] Group 3: Regulatory Developments - The U.S. Department of Justice ended its monitorship of Glencore's trading activities in March 2025, a year earlier than planned, following the company's agreement to pay fines related to bribery and market manipulation [1][1][1] - The monitorship had imposed a financial burden on Glencore, costing the company $85 million in 2024 alone [1][1][1]