BP and Royal Dutch Shell produced mixed results last week, but top managers are returning to the beaten-up oil majors, predicting a focus on shareholder returns instead of "growth at any cost".
BP kicked off results season for the oil giants with some impressive numbers, namely forecast-beating profits of $3.7bn (£2.3bn) for the third quarter and a 5.6% hike in its dividend. Shell’s numbers left a lot to be desired however, with a $2bn drop in Q3 profits as costs across the business soared. While it raised its interim dividend, up two cents to $0.45, investors sold the shares on Thursday and the stock lost 5%. Putting aside BP’s Q3 update, it too faces ongoing issues, namely continuing claims over the 2010 Macondo well disaster. While the share price is discounting this, ...
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