Big Oil is facing a tough week of third-quarter earnings reports
The world's largest publicly held oil-and-gas companies are slated to report third-quarter earnings this week.
Why it matters: It provides the latest window into how the companies are handling modest oil prices and sluggish global demand growth.
- BP reports Tuesday; Total SA reports Wednesday; Royal Dutch Shell's comes Thursday; and U.S.-based giants Exxon and Chevron arrive Friday.
Threat level: Per Bloomberg, the companies are expected to post an average 42% drop in earnings.
- That decline stems not only from oil prices, but also weakness in the petrochemicals market, maintenance keeping facilities at below capacity, and other forces.
But, but, but: It's not just the biggest multinationals facing a tough earnings season.
- "Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations," Reuters reports.
Go deeper: Big Oil's Q3 lobbying numbers