-- BP's (BP) oil-trading gain in Q1 offset weaker-than-expected upstream results tied to timing gaps between market prices and realized prices, RBC Capital Markets said Tuesday in a report.
In the customers and products segment, BP faced pressure on realized refining margins because of higher freight costs and limited feedstock availability, with Europe seeing sharp price swings, the report said.
RBC said BP is moving to strengthen its balance sheet, noting that the company's initial step to reduce its hybrid debt signals a plan to use additional cash flow to reshape its capital structure
RBC reiterated its sector perform rating on BP stock with a price target of 700 British pence ($9.45).
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