The majors’first-quarter results will indicate how well they are adjusting to the lower oil price environment. Stronger refining margins,a cut in North Sea taxes,asset sales and strin-gent cost cutting should support profits to some extent.But analysts’expecta-tions are low.US bank Tudor Pickering Holt predicts“a very messy quarter”, while UK energy research firm Douglas Westwood expects the majors’profits to be“the weakest in recent memory”.
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