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Energy firms scrutinized after profits from Iran war
Major international oil companies significantly increased their profits in the third quarter, driven by the Iran war, higher refining margins, and trading gains. Shell and Total are expected to raise their refining margins by three to four times compared to last year, with Shell reaching a record high of $42 per barrel. Forecasts also indicate that cash flows from Total's refining and chemicals operations could double to around $4 billion. The rise in refining margins has boosted profits for companies like Exxon by approximately $4.5 billion compared to the previous quarter. With the release of the latest quarterly results, investors are examining company strategies regarding spending, amid expectations of increased debt levels and plans for share buybacks. However, companies are focusing on reducing their debt and are not anticipated to resume share repurchase programs before 2028.
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