by Tajinder Dhillon.
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.”