Oil Price Rally Boosts Glencore’s First-Half Profit
Commodity producing and trading giant Glencore booked a $4.4-billion net income for the first half of the year, a jump of $5 billion from a loss a year earlier, as the oil and copper price rallies and volatility boosted revenues and trading profits. Glencore on Wednesday reported $4.405 billion in net income attributable to equity holders for the first half, compared to a loss of $655 million for…
Glencore, the global commodity trading and production company, reported a significant boost to its first-half profit due to soaring oil and copper prices, as well as market volatility. The company's net income reached $4.4 billion for the first half of the year, a substantial increase of $5 billion compared to a loss of $655 million during the same period of 2025.
Adjusted core earnings (EBITDA) rose by 86% to $10.1 billion, while revenues surged by 49% to $174 billion. Glencore's marketing adjusted earnings before interest, taxes, depreciation and amortization (EBIT) more than doubled to $3.3 billion, marking a 142% increase year-over-year. The company attributes this strong performance to the disruption caused by the energy, freight and other markets during the reporting period.
CEO Gary Nagle noted that market volatility, particularly during the Iran war and the Russian invasion of Ukraine, is likely to continue for parts of the second half of 2026, albeit at a lower intensity than experienced in the first half. This environment is expected to further enhance Glencore's trading profits and position the company for its best year ever in terms of marketing EBIT, which hit a record $6.4 billion in 2022.
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