If it is anything like Shell’s update on Friday, BP’s first quarter numbers on Tuesday will be a low-key announcement.
The upshot from Shell is that gas profits are falling following the bumper returns it saw in 2023, but otherwise, trading seems solid enough.
Something similar is likely from BP though analysts at Jefferies said that "BP will be impacted by downtime at Whiting and Freeport LNG".
BP has already allocated US$3.5 billion for share repurchases in the first half of 2024 and has set its sights on executing buybacks of at least US$14 billion (£11 billion) by the end of 2025.
In other words, BP is aiming to redistribute at least 80% of its surplus cash flow back to its shareholders.
Again, quite a few billions not going towards green investments (in BP’s defence, it has been fairly candid about scaling back its green-transition targets); something that has angered its critics.
“BP's shareholders remain among the biggest winners of Russia's war in Ukraine,” Global Witness's senior campaigner Jonathan Noronha-Gant said after its previous earnings update.
"And now the firm has decided to hand that windfall to investors instead of clean energy or the victims of the war.”