As Europe faces a second Covid-19 wave, its integrated oil frms are having to juggle boosting investor confdence with managing expectations on shareholder returns. Italy’s Eni, Spain’s Repsol, Austria’s OMV and Norway’s state-controlled Equinor all made a loss in the third quarter, and the pandemic-related impact on oil product demand battered their refning sectors (see table). Following in the footsteps of the European oil majors, Equinor and OMV have revised down their long-term Brent crude price assumptions, resulting in hefty impairment charges.
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