Latest Posts

The success of Vesper on both sides of the Atlantic: audiences feel when the film is made for them

Second place among the most watched films in Lithuanian...

Maksvytis, who urged Evans not to be afraid, also saw a ‘mitigating circumstance’ regarding the latest attack

Kaunas "Žalgiris" unexpectedly tickled the soles of Tel Aviv's...

BP expected to report surging profit day after Shell and Centrica accuse

BP’s boss may be watching nervously as energy giants Shell and Centrica prepare to announce unexpected gains this week.

Oil giants are expected to have made more than double what they had in their pockets a year ago.

On Friday, Centrica and Shell bosses were featured on the front page, branded as “money grabbers.” “It benefits from misfortune,” said another.

Both companies saw their profits rise significantly as oil and gas prices soared around the world.

BP continues to benefit from rising oil prices in the second quarter, with strong gains expected this time aroundAnalyst Laura Hoi

Last year, the volume of gas Shell was able to sell more than tripled from $4.31 to $13.85 per 1000 standard cubic feet.

Sure, some of this is reflected in one of Shell’s biggest rivals, BP, but we’ll see how much ire this provokes.

The answer will come out on Tuesday.

Analysts expect a profit on replacement costs, BP’s favorite metric, to reach $6.8bn (£5.6bn) in the second quarter. This would be up from his 2.8 billion in the same period last year.

Hargreaves Lansdown Equity Analyst Laura Hoy said:

“Capital expenditures for oil and gas are declining as BP moves towards renewable energy.

“The recent unexpected tax imposed by the UK government continues to weigh heavily on the industry.

“However, given that projects in this industry take years or even decades to launch, this should have little impact on the Group’s investment plans. are most welcome.

“Aggressive spending on low-carbon assets means that this will also become an area of ​​focus for investors.

“These projects have the potential, though not yet proven, to be cash flow furnaces for oil profits, so updating BP’s 8-10% return target for this part of the business could move the needle. There is a possibility.”

He also said investors would seek additional information on BP’s exit from Russia.

But that may be easier said than done. “We don’t expect to see enthusiastic buyers anytime soon,” Hui said.

“This means that we expect continued impairments as the value of this asset declines.”

Source: Belfasttelegraph

Latest

Newsletter

Don't miss

The success of Vesper on both sides of the Atlantic: audiences feel when the film is made for them

Second place among the most watched films in Lithuanian cinemas and entry into the top ten of US domestic platforms. The crew of...

Maksvytis, who urged Evans not to be afraid, also saw a ‘mitigating circumstance’ regarding the latest attack

Kaunas "Žalgiris" unexpectedly tickled the soles of Tel Aviv's "Maccabi", which was assembled last summer and backed by a crowded arena, and which is...

LEAVE A REPLY

Please enter your comment!
Please enter your name here