As expected, higher oil & gas prices led to higher results in upstream. The results came in slightly lower than consensus due to hedges in gas forward sales. While the EBIT is up only by 1% qoq, bear in mind the company reported a gain of $1.34bn in its renewables division in Q1 on its disposals in offshore wind to BP and Eni. As announced during the CMD, the company is starting a share buy-back programme (first tranche of $300m).
28 Jul 2021
Q2: focus shifts back to oil & gas
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Q2: focus shifts back to oil & gas
- Published:
28 Jul 2021 -
Author:
Kevin VO -
Pages:
2
As expected, higher oil & gas prices led to higher results in upstream. The results came in slightly lower than consensus due to hedges in gas forward sales. While the EBIT is up only by 1% qoq, bear in mind the company reported a gain of $1.34bn in its renewables division in Q1 on its disposals in offshore wind to BP and Eni. As announced during the CMD, the company is starting a share buy-back programme (first tranche of $300m).