The much-expected fall across the board due to lower oil and gas prices materialised in Q1. However, the adjusted net income was still strong at $6.54bn, modestly above the consensus. While the operating result from the refining and chemicals was a big miss from the estimates due to lower demand, overall profitability was attractive with a ROACE of 25.4%. Commitment to returning 40% of the operating cash flow boosts the company’s attractiveness.
