upstream

“If discovery moves upstream to universal AI assistants, ad budgets could follow,” according to the firm’s report.

A stronger performance in the British energy major’s upstream division will have been offset by weaker oil trading, they say.

BP had previously guided for upstream production in the quarter to be slightly lower than in the second quarter.

Shell’s refining margin increased, upstream production was up and gas trading provided an additional boost, Hunter says.

“When the upstream business is really good, it’s a higher-returning asset than the best part of the chemical cycle.”