Much improved downstream profitability in the third quarter provided some relief for the majors against a backdrop of lower upstream production, but the support is likely to prove temporary. BP’s indicative global refining marker margin of $19.50/ bl for the quarter was the highest third-quarter margin since 2005, underlining the stronger downstream environment enjoyed by all of the majors. BP in particular capitalised on its high exposure to refining in the US, where low feedstock costs continue to support margins. The firm’s global refining throughput hit a seven-year high of 2.51mn b/d in the period, helping to boost pre-tax downstream profit by 61pc.
展开▼
