Strong oil and gas trading lifted the results for another quarter, enabling bp to book $5n in the Q1 and beat the consensus by 16%. The adjusted EBIT at $9.2bn was broadly in line with the Q4 FY22 and higher than ENI and TotalEnergies. Surplus cash flow significantly dropped (54%) qoq due to lower operating cash flow, down 44% qoq, on the back of declining commodity prices. Accordingly, bp announced a lower share buyback program at $1.75bn, which disappointed the markets.
