Nick Fletcher
Thursday October 11, 2007
Oil group Royal Dutch Shell was under early pressure on talk it might have been guiding down analysts’ forecasts for the third quarter. Something similar happened with rival BP a few days ago, but BP indicated at the time it was not giving out any information that was not already in the market.
Shell, which is due to report results later this month, saw its A shares fall as low as £19.47 at one point before recovering to close unchanged at £19.85. Part of the uncertain mood in the sector could be traced to the US oil group Chevron, which announced on Tuesday night its third quarter results would be lower than the second quarter because of a fall in refining margins.
As for BP, it slipped 0.5p to 580p. The company is expected to publish the first results of a restructuring plan today. Analysts at Citigroup said: “We anticipate that these measures will involve the reallocation of personnel from financial roles to operational posts, but that there will be no wide-reaching cost-saving programme based on the restructuring.” The bank also forecast third-quarter net income would be 19% down on the same period last year when BP releases its results on 23 October.
http://business.guardian.co.uk/marketforces/story/0,,2188323,00.html
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