BP's (BP) refining and trading earnings are expected to be negative in fiscal Q1, for a third quarter in a row, although there has been a slight increase in refining margins quarter-over-quarter and better liquids trading, RBC Capital said in a Friday note.
The energy company is also anticipated to post lower production in gas & low carbon due to divestments, with overall quarterly production expected to fall slightly, analysts led by Biraj Borkhataria said.
The analysts said that the "bright spot" is BP's customers segment, where results are expected to be higher quarter-over-quarter.
RBC has a sector perform rating on BP with a price target of 480 British pounds ($627.1) for the London-listed shares.
Shares of BP were edging 0.3% higher in early Friday trading.
Price: 26.32, Change: +0.09, Percent Change: +0.32
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