London—Global integrated oil majors reported a buoyant set of first quarter earnings over the past two weeks, soundly beating expectations of the sector’s ability to harness more cash from an improved, but still low oil price environment. With average oil prices recovering over 50 from near 13-year lows in early 2016, an earnings rebound across the board by integrated majors was no big surprise. But almost all reported a much stronger performance than markets had predicted, even given their painful cost cutting since the twoyear old oil price slump.
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