Shell blames lower oil prices, weaker margins and ‘accounting mismatch' for slump in third-quarter profits [Fortune]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Fortune
Profit after taxation fell to $4.3 billion in the three months to September, after a net profit of $7 billion in the same period in 2023, Shell said in a statement. Profit hit related to oil was partly offset by higher gas sales. Ahead of the earnings release, Shell warned that its refining margins would take a hit, as oil prices have fallen on concerns over Chinese demand and the prospect of higher crude production in 2025. Shell also announced a fresh buyback of shares worth $3.5 billion. Adjusted earnings in the third quarter stood at $6 billion, down slightly from the second quarter. “Shell delivered another set of strong results,” chief executive Wael Sawan said in a statement. “We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet,” he added. The results were partly weighed down by what the group called an “accounting mismatch”, as well as various costs related to redundancy and restructuring. At the end of A
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- Shell Maintains Buybacks as Gas Growth Offsets Weaker Oil [Yahoo! Finance]Yahoo! Finance
- Shell Maintains Buybacks as Gas Growth Offsets Weaker Oil [Yahoo! Finance Canada]Yahoo! Finance Canada
- Shell profits fall to $6bn in the third quarter but beat forecasts [Yahoo! Finance]Yahoo! Finance
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BP
Earnings
- 10/30/24 - Beat
BP
Sec Filings
- 10/29/24 - Form 6-K
- 10/29/24 - Form 6-K
- 10/11/24 - Form 6-K
- BP's page on the SEC website