First quarter earnings for the energy majors and a slew of big U.S. independents will take the spotlight this week, with financial leverage likely to be on the minds of investors and analysts.

For the energy majors, BP plc is set to release its results on Tuesday. Equinor ASA, Repsol SA and Royal Dutch Shell plc’s first quarter results are scheduled for Thursday. ExxonMobil and Chevron Corp. will close the week on Friday, along with Mexico’s state-owned Petróleos Mexicanos, aka Pemex.

Some of the Lower 48’s biggest exploration and production (E&P) companies also will issue their results, including Cabot Oil & Gas Corp., Continental Resources Inc., Hess Corp., Ovintiv Inc., Range Resources Corp. and Ring Energy Inc. 

Tudor, Pickering, Holt & Co. analysts are expecting a...