The oil majors reported adjusted earnings a little ahead of consensus in the third quarter.
Measures taken earlier in the year to reset dividends, reduce capital expenditure and drive down operating costs, were reflected in their financial resilience. The gradual recovery in oil demand since the spring, led by strengthening demand in Asia, was flagged. Stronger commodity prices relative to the second quarter also contributed to the improved results. However, concerns around rising cases of COVID-19 across North America, and new restrictions on movement in some European countries, are likely to place a brake on economic recovery in the months ahead.