BP and Shell anticipate lower profits due to declining oil prices, weak demand, and falling refining margins, prompting strategic shifts and investor scrutiny.
BP and Shell are expected to post lower profits this week as the supermajors grapple with weak oil prices and a global slowdown in demand. BP is due to publish its third-quarter earnings on Tuesday, while Shell will report its results on Thursday. Earlier this month, the FTSE 100 firms warned of falling profit margins at their oil refining businesses – major parts of their income streams.
The firm is expected to keep up its share buyback programme to reward investors, but with its stock price one per cent in the red so far this year, it could face further questions over its UK listing. Chief executive Wael Sawan fuelled speculation in April that Shell could ditch the London Stock Exchange for a New York listing, calling the capital an “undervalued location”. Meanwhile, analysts expect a 30 per cent year-on-year drop in BP’s net income to $2.3bn £1.7bn.
Shell Oil Prices Profit Decline Refining Margins Opec Global Demand Energy Transition Activist Investor London Stock Exchange
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