BP reported a solid set of financial results to open the year. Although earnings of US$2.4 billion were down by one third quarter-on-quarter, they came in ahead of consensus estimates. Weaker refining margins and narrower North American crude differentials impacted downstream earnings; lower price realisations and planned downtime at Thunder Horse impacted upstream. Strong trading profits in both oil (reported under downstream) and gas (upstream) was a mitigating factor. The broader message from BP was that it remains on track to deliver on its five year plan. Guidance is unchanged on all key elements of that plan – the financial frame, investment, shareholder distributions, project delivery, BHP integration, volumes, disposals, Macondo penalties, etc.