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Business

BP and Shell beat forecasts but cut spending

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Opening sequence

Business

BP and Shell beat forecasts but cut spending

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COMING UP:BP and Shell beat forecasts but cut spending

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00:00:00
>> Shares in Shell and BP moving in opposite directions on Tuesday. The oil majors breaking with convention, posting earnings on the same day. Weak crude prices cutting into profits at BP, sending its shares lower. The British giant's third quarter underlying earnings almost cut in half. But tighter spending did help it to beat analysts' expectations.
00:00:24
BP's grappling with oil prices trading around $49 a barrel. That forcing it to chop it's 2016 investment plans by another $1 billion. The firm already has plans to lay off around 7000 workers by the end of next year and expects further charges relating to redundancies and restructuring methods in 2017.
00:00:43
BP joining France's Total and US majors Exxon-Mobil and Chevron by beating expectations, a similar story at its Anglo Dutch rival, too. Shell posting an 18% rise in third quarter profits, bouncing back from a tough Q2 as it digested its February acquisition of BG Group. Shares in Shell higher on Tuesday.
00:01:04
Even so it, too, is lowering capital spending. Plans for next year now at the bottom of its expected range, as it adjusts to lower oil prices and weak refining margins.