The adjusted net income is down 2% qoq and is slightly above consensus (9%), thanks to the upstream division. The adjusted net income in upstream is up 4% qoq, due to lower exploration costs and partly offset by lower prices (-6% qoq in oil, -11% qoq in gas) and lower production (-3% qoq), while downstream is down 17% qoq, compared to a 15% decline in refining margins.
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Q1: upstream stabilises results
The adjusted net income is down 2% qoq and is slightly above consensus (9%), thanks to the upstream division. The adjusted net income in upstream is up 4% qoq, due to lower exploration costs and partly offset by lower prices (-6% qoq in oil, -11% qoq in gas) and lower production (-3% qoq), while downstream is down 17% qoq, compared to a 15% decline in refining margins.