BP plc's trading update suggests it should be close to consensus numbers of US$3 billion net income when it publishes first quarter numbers, says broker Jefferies.
Strong gas trading will address a key concern during the quarter, while oil trading provides a good uplift quarter on quarter.
Key operational upsets in the quarter (Whiting, Freeport) seem to have caused a lower impact than feared based on BP’s comments in the statement.
Quarterly results are due on 7 May and Jefferies has a buy recommendation and 570p price target.
Shares rose 1.3% to 516p on Tuesday.