European oil majors finished 19Q3 reporting. Not surprisingly, a common theme was a decline in YoY growth rates on both earnings and revenue given the lower prices in oil and gas. Notables including BP and Total suffered a YoY decline of 40.9% and 20.1% in earnings, while revenues declined 11.0% and 10.1% respectively.
Capital discipline will continue to be a theme to watch. Total CFO Jean-Pierre Sbraire alluded to maintaining ‘strict’ capital discipline, a trend seen among all energy players, including in the U.S.Shell CFO Jessica Uhl mentioned, “for the full year 2019, we will keep our spend around the lower end of the $24 billion to $29 billion cash capital range”.
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