Majors' results to reflect oil price recovery

摘要

The majors' first-quarter results should show the impact of the largest year-onyear percentage rise in oil prices since 2010, along with the effect of deepening cost cuts. Investors will be looking to gauge how likely the firms are to generate enough free cash flow to cover dividends this year. Atlantic basin crude benchmark North Sea Dated prices averaged $54/bl in the first quarter, up by nearly 60pc compared with a year earlier. Refining margins strengthened on the year, despite higher oil prices. BP's global refining marker margin rose to $11.70/bl in January-March from $10.50/bl a year earlier, while Total's European refining margin indicator strengthened to $5.29/bl from $4.77/bl.