Chilled gas from the United States has helped replace fuel from Russia, upending European energy markets.

The bumper earnings from the world’s largest oil company were, nonetheless, a slight decline on the previous quarter.

The two European companies reported earnings totaling nearly $20 billion, partly on higher energy prices as Russia’s war in Ukraine continues.

A combination of full storage, lower demand and mild weather, among other factors, has eased concerns of a spike in heating and power prices —...