Tuesday preview: BP and Shell report quarterly results

31st Oct 2016 12:53

(ShareCast News) - BP is on Tuesday expected to reveal its profits more than halved in the three months to September as low oil prices continue to weigh.The oil producer is forecast to post quarterly underlying profits of $780m, down from $1.8bn in the same period a year earlier, as oil prices averaged less than $46 per barrel compared with $50 the previous year.UBS said: "While the company guided to lower production in the third quarter on seasonal maintenance and the effect of the Pascagoula gas plant fire, we see reported levels benefitting from the virtual absence of hurricane effects and a sharp fiscal impact in the Iraq TSC in the second quarter.The bank added: "Trading is a difficult call as overall average pricing was flat but intra-quarter prices were highly volatile, often a good thing."Fellow oil giant Royal Dutch Shell reports its third quarter results, with analysts expecting underlying profits of $1.7bn, compared to $1.8bn in the same period last year.Deutsche Bank said: "After the severe disappointment associated with the second quarter results our expectation is that the third quarter will prove a 'better predicted' quarter."We expect Upstream results to benefit from raised deepwater volumes, not least Brazil, lower costs and uptime in Canada. Downstream we see an improvement in chemicals and marketing offsetting the weaker refining and trading environment." Tuesday 01 November INTERIMS Falanx Group Ltd, First Derivatives INTERIM DIVIDEND PAYMENT DATE Aquatic Foods Group , Mears Group QUARTERLY PAYMENT DATE Mercantile Investment Trust (The), Torchmark Corp. INTERNATIONAL ECONOMIC ANNOUNCEMENTS Construction Spending (US) (15:00) ISM Manufacturing (US) (15:00) ISM Prices Paid (US) (14:00) Q3 Royal Dutch Shell 'A', Shire Plc FINALS Egdon Resources AGMS Murray Income Trust FINAL DIVIDEND PAYMENT DATE Alumasc Group, Mattioli Woods, Produce Investments, Smith (DS)