Oil majors BP and Royal Dutch Shell are set to benefit from improving crude prices when the rivals present their first-quarter figures.
Consensus forecasts put underlying profits from BP on Tuesday at around 4.8 billion dollars (£3.1 billion) - almost double its earnings for the first quarter of 2009.
Similarly Anglo-Dutch rival Shell is likely to make gains on last year's 3.3 billion dollars (£2.2 billion) in first quarter figures on Wednesday.
In its recent strategy update, BP said it would begin production on 42 major projects worldwide over the next five years as existing fields decline, and boost profits by taking more costs out of the business.
Taxpayer-backed Lloyds Banking Group fires the starting gun on first quarter bank results on Tuesday in what looks set to be a busy week for the sector.
Fellow part-nationalised player Royal Bank of Scotland follows with its figures on Wednesday, on the same day it holds its annual meeting for shareholders.
And Barclays - already under fire over executive pay concerns - reports on Friday as it prepares to face investors at its yearly investor gathering.
All three will likely tackle questions over the potential threat to profits of the bank tax plans just revealed by the International Monetary Fund (IMF).
The IMF is proposing to hit the sector with two taxes, not just on banks but the broader financial system.
Source: http://www.google.com/hostednews/ukpress/article/ALeqM5iFbbzTgFTryEIHdOqD5BNeH0NrIA
Consensus forecasts put underlying profits from BP on Tuesday at around 4.8 billion dollars (£3.1 billion) - almost double its earnings for the first quarter of 2009.
Similarly Anglo-Dutch rival Shell is likely to make gains on last year's 3.3 billion dollars (£2.2 billion) in first quarter figures on Wednesday.
In its recent strategy update, BP said it would begin production on 42 major projects worldwide over the next five years as existing fields decline, and boost profits by taking more costs out of the business.
Taxpayer-backed Lloyds Banking Group fires the starting gun on first quarter bank results on Tuesday in what looks set to be a busy week for the sector.
Fellow part-nationalised player Royal Bank of Scotland follows with its figures on Wednesday, on the same day it holds its annual meeting for shareholders.
And Barclays - already under fire over executive pay concerns - reports on Friday as it prepares to face investors at its yearly investor gathering.
All three will likely tackle questions over the potential threat to profits of the bank tax plans just revealed by the International Monetary Fund (IMF).
The IMF is proposing to hit the sector with two taxes, not just on banks but the broader financial system.
Source: http://www.google.com/hostednews/ukpress/article/ALeqM5iFbbzTgFTryEIHdOqD5BNeH0NrIA
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