Makers of wind turbines are reporting mounting losses, and fret about losing out to rivals from China, as countries chase ambitious clean energy targets.

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 —...