Europe’s big oil firms, however, have another card to play: their vast global networks of filling stations. While the so-called marketing operations of big oil firms - retail sales of fuel, lubricants, groceries and TV dinners - usually contribute a smaller slice of profits than oil and gas production, they typically have higher margins. Fuel sales slumped as travel restrictions kicked in, but people still nipped to nearby petrol stations with convenience stores to stock up on daily necessities. Total’s Chief Financial Officer Jean-Pierre Sbraire told investors in October that retail sales in Europe were back at pre-pandemic levels in the third quarter, even though fuel sales remained very weak. “Retail is the only thing in the oil and gas value chain that gets you closer to the customer.

Source: bd News24 December 03, 2020 00:00 UTC