BP beat analyst expectations on Tuesday, despite profits more than halving from the first three months of the year after a hefty charge from an unsuccessful project in Angola.
Here are some of the highlights from the earnings:
- Underlying replacement cost profit, used as a proxy for net profit, $684 million in the second quarter vs. expected $500 million from a company-provided consensus.
- Revenue of $57.37 billion versus $50.62 billion expected by Thomson Reuters analysts’ consensus.
The British oil giant’s profits were down from $1.5 billion in the first quarter of 2017 and lower than the $720 million reported over the same period in 2016. Shares of BP were more than 3.6 percent higher during morning deals on Tuesday.