Gloomy Q2 results expected for oil and gas majors
BP's Q2 profits almost halved as a result of lower oil prices and weak refining margins.(BP plc)
This week, most of the major oil and gas companies are due to announce their second-quarter financial results. BP and Statoil have just issued theirs; Hess and Anadarko are among those due in the next few hours; Murphy Oil, Shell, Marathon, Total and ConocoPhillips will report on Thursday; and ExxonMobil, Chevron and Phillips 66 are due on Friday.
The Q2 results will give further insight into how Big Oil is dealing with the downturn in oil and gas prices, and in particular the degree to which megaprojects in oil, gas and LNG may be affected. So far, the signs are less than positive.