The Daily Telegraph: The week ahead
“Oil giant Shell suffered a further setback this month as fresh claims emerged that company directors knew as far back as October that there were problems with the reserves.”
Tuesday July 27
In April BP announced another set of record quarterly results, with a 2pc rise in pre-tax profits to $6.26billion. The oil giant also said it plans to sell off half its plastics arm to raise about $4billion.
The cash will be handed back to investors in the form of share buybacks, though the level of buybacks will depend on the oil price. The company reports first-half results today and analysts expect a strong contribution from TNK-BP as well as robust earnings as oil prices continue to climb.