LOWER oil prices in recent months could see profits at the world’s largest energy companies dented as they reveal their third-quarter results this week, according to analysts.
Supermajors BP, Shell, Chevron, Exxon Mobil and Total will all reveal how much cash they have made in the three months to the end of September from tomorrow.
However, without the higher crude prices seen earlier in the year, which boosted profits despite falls in production across the board in the second quarter, the focus is expected to be on future production.
BP will be first to report tomorrow. It has been predicted to post an 11% fall in profits as the fallout from the Gulf of Mexico oil disaster continues to hit production and pile pressure on chief executive Bob Dudley. Its production output for the period is likely to be down 12% year on year, analysts at JP Morgan Cazenove said, to just over 3million barrels of oil a day. BP was producing 4million barrels before the disaster.
Royal Dutch Shell, which will report its third-quarter results on Thursday, is expected to benefit from new exploration projects and rising gas prices.
Others to report this week include Centrica, Talisman, BG Group, Technip, Nexen and ENI.
UK oil production fell below 1million barrels a day for the second time in more than 30 years this summer as maintenance exacerbated a decline in output from depleted North Sea oilfields.
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