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.
"We continue to position BP for the new oil price environment, with a continued tight focus on costs, efficiency and discipline in capital spending," Bob Dudley, chief executive officer at BP, said in a statement shortly after the second-quarter results were announced.
BP's results were tainted by a $750 million write-down, mainly in connection with its stalled project in Angola. The company relinquished its 50 percent stake in a block off the coast of the southern African country because it was adjudged to no longer be commercially attractive.