BP Keeps up Momentum with Resilient Refining Earnings
Dow Jones16:25
0824 GMT - British energy major BP continues to beat expectations, RBC Capital Markets' Biraj Borkhataria writes. The company's operational performance is strong and net debt is lower than its target one year early, the analyst says. With its refining operations heavily exposed to the U.S. midcontinent, its refining earnings will be more resilient than peers in the fourth quarter, he adds. It will also be less hurt by growing freight costs and supported by heavy discounts on Canadian crude, according to RBC. Shares rise 1.3% to 633 pence.
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