A strong quarter for BP, with earnings of $2.6 billion coming in ahead of analysts' consensus forecasts. Upstream was the driver, with continued ramp-up from the seven major projects brought onstream last year and another quarter of "negative decline" from the base, all benefiting from higher oil and gas price realisations. The full year outlook is strong. We believe BP will be cash flow neutral in 2018 at an average Brent price of $48/bbl. Gearing should fall sequentially through the rest of the year, allowing BP to ramp up the buyback programme from Q2, and affording it greater flexibility to address longer-term portfolio renewal.