Oil and gas company earnings for the second quarter reflected the full impact of tighter energy supplies and higher prices.
Across the board, the majors reported strong results delivered against the backdrop of what management teams described as ‘complex’ market dynamics. While views differed on the recessionary risks posed by high inflation and the energy crisis in Europe, all of the majors expect markets to remain tight in the second half of the year as supply lags demand recovery across most business segments. One major noted that a fully reopened Chinese market would bring further pressure on supply.