Being cash positive at such levels is a must and the results were above estimates with the E&P division up by $1bn qoq at $801m. A mixed picture for the other divisions, with integrated gas impacted by the price lag in LNG contracts and refining & chemicals suffering from depressed margins, while marketing again picked up and actually came in up yoy. The gearing was down to 22% vs 23.6%, thanks to cash generation and further capex cuts.
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Q3: Upstream bounces back
Being cash positive at such levels is a must and the results were above estimates with the E&P division up by $1bn qoq at $801m. A mixed picture for the other divisions, with integrated gas impacted by the price lag in LNG contracts and refining & chemicals suffering from depressed margins, while marketing again picked up and actually came in up yoy. The gearing was down to 22% vs 23.6%, thanks to cash generation and further capex cuts.