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In March, many oil and gas companies announced their third-quarter financial reports. After the disaster in the second quarter, the third-quarter financial reports of BP (B) and Royal Dutch Shell showed a mixture of ice and fire. However, both companies expressed optimistic expectations for the oil market and the company's prospects.
After spending money to acquire British Gas Group, Royal Dutch Shell's profits in the third quarter of this year rose by 1%. The company said that its acquisition of British Gas Group (Br) this month began to pay off. The company's CEO, B. Brd, said that the integration of the British Gas Group has been basically completed. After the merger, the oil production increased from 10,000 barrels/day to 10,000 barrels of oil equivalent/day, an increase of nearly 30%, which is similar to that of Shell Oil Company and Shell Oil Company. Compared with the British Gas Group's total expenditure in 2017, operating costs fell by US$100 million.
At the same time, BP's profits have declined year-on-year for consecutive quarters. The company's replacement cost profit was US$10,000, almost half of a year ago, but an increase of % from the previous quarter of this year. The main reason is that refining profits have declined this year, and refining profits have been the main source of income for oil giants since oil prices entered a downward channel this year.
Although revenue performance in the third quarter varies, both B and Shell Oil said that the oil market has turned around. B predicts that the company's capital flow will increase from US$100 million to US$100 million in 2018 due to rising oil prices.
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