Majors see improved results, but volatility lies ahead
IOCs are continuing to keep a tight rein on spending despite better earnings, which could make prices more volatile IOCs are continuing to keep a tight rein on spending despite better earnings, which could make prices more volatile.
1 November 2017
0
28198
A tanker at Chevron's Gorgon LNG plant in Australia. (Chevron)
With oil prices back at $60 per barrel – their highest level since July 2015 – the Q3 results of IOCs have beaten expectations, and their Q4 results look likely to be even better.
North Sea Brent futures prices averaged $52.17/bbl in Q3 2017, 11% higher than in Q3 2016, while United States benchmark WTI futures averaged $48.20/bbl, 7.25% higher than a year earlier. Average prices in Q4 to date have been $5.65/bbl and $3.55/bbl higher for the Brent and WTI respectively.
The largest IOCs saw improved...
Log in or register for a free trial to continue reading this article
Already a subscriber?
If you already have a subscription, sign in to continue reading this article.
Sign inNot a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.
Sign up
