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Oil Majors Faced Weaker Margins Q3

OIL

Oil and gas companies faced weaker refining margins in the third quarter highlighted in Q3 results this week. Margins have dipped on recessionary factors, higher operating costs and a recovery in global energy supplies. Overall refined product levels in key markets do however remain tight into Q4 and should support margins looking ahead.

• Shell’s refining margins in its chemical and products division fell from $28/bbl in Q2 to $15/bbl in Q3.

• BP’s refining margins decreased to an average around $35.50/bbl in Q3, down from $45.55/bbl in the second quarter.

• “In refining, we expect margins to remain high, the benefits of which will be partially offset by elevated energy prices, a higher level of turnaround activity, and operational impacts following the shutdown of the BP-Husky Toledo refinery in Ohio, U.S", BP said.

Energy BulletsCommodities
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