BP Plc’s refining and trading units are helping it counter losses from oil and natural gas production. The downstream division beat forecasts by about 60 percent in the first-quarter earnings announced Tuesday, analysts at Exane BNP Paribas said in a note to clients. Since crude started its slump in the middle of 2014, refining has been the safety net for the majors from BP to Royal Dutch Shell Plc, which announces first-quarter results May 4.
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