Oil giants report profits from refining and trading

Major oil companies such as Shell, BP, and Total Energies are expected to record record profits in the third quarter of the year, driven by rising refining margins and global market volatility that benefited trading firms. Geopolitical tensions and disruptions to shipping routes in the Middle East have pushed energy prices to their highest levels in years, boosting the profits of the refining and trading sectors. Companies are focusing on share buybacks and dividend distributions, with BP moving to restructuring its balance sheet and reducing its debt ratio in order to strengthen its financial position before resuming capital expenditure.

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