Oil majors face spending test from Iran war windfall cash
Refining margins are expected to rise three- to fourfold, with Shell guiding for a record $42 a barrel and BP’s profit seen above $7 billion.
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Oil Giants Face Spending Test as Iran War Boosts Energy Profits
Major oil companies are preparing for stronger third-quarter earnings as the Iran war drives up energy prices and improves refining and trading profits. Investors are focused on whether Shell, BP, Exxon and other producers will use the windfall to reduce debt and maintain spending discipline rather than increase shareholder payouts and investments.
Energy companies are expected to outshine tech during the reporting season, with a 128 percent increase in earnings per share. The prolonged Iran war is keeping oil prices high, but record-high stock prices are raising the demands on companies' reports. Behind the profit boost is an oil price that has remained high for longer than many analysts expected. According to Barron's, energy companies in the S&P 500 are expected to increase earnings per…
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