OIL GIANT
In the update, the company said it would report increased production and income at its gas division, but a downturn at its chemicals arm and a raft of financial impairments would eat into profit.
The
The upstream business is forecast to land a production of between 1,830 to 1,930 kboe/d in the fourth quarter with exploration well-write-offs expected to total
But the group's chemicals unit is expected to drag on profit with the division set to make a loss in the fourth quarter on an adjusted basis.
Additionally, the firm says it will take non-cash post-tax impairments of between
The company's share price closed down 2.94 per cent following the update.
(c) 2024 City A.M., source