Nine Oil Producers Projected to Earn Over $95 Billion in Q3
AJ Bell’s analysis puts nine listed oil producers on course for more than $95 billion in quarterly profits, drawing criticism from climate campaigners.
Key takeaways
- AJ Bell says nine listed oil producers are on course for more than $95 billion in third-quarter profits.
- BP reported quarterly profits of $8.46 billion, its highest since 2008.
- Analysts expect Saudi Aramco to report $30 billion in third-quarter net income.
Nine of the biggest listed oil producers are on course to make more than $95 billion in third-quarter profits, according to analysis by investment broker AJ Bell. The same companies reported $96 billion in the second quarter.
Saudi Aramco is expected to lead the group, with analysts forecasting $30 billion in quarterly net income, up 7%. BP has already reported $8.46 billion in profits for July to September, its highest quarterly figure since 2008.
Higher prices and refining divisions helped drive profits, as refiners made up for a supply shortfall after the Iran war disrupted shipments through the Strait of Hormuz, the Guardian reported. The figures have drawn criticism from campaigners concerned about energy bills and climate change.
Friends of the Earth campaigner Mike Childs called for oil companies to contribute more to the transition to renewable energy. BP’s spokesperson pointed to remarks by its chief executive about the company’s role in supplying diesel and jet fuel during the global energy crisis.
In the UK, Energy Secretary Miatta Fahnbulleh is weighing whether to allow drilling at the Rosebank oilfield. Climate campaigners and some Labour lawmakers oppose approval, while campaigners say the oil would be exported rather than reduce energy bills.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
