BP share price expected to rise as company beats earnings expectations

Billy Ehrenberg
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BP earnings beat analysts expectations (Source: Getty)

BP has seen its underlying earnings up 34 per cent on last year, thanks in part to a payout from an oil deal with Rosneft.

Underlying earnings for the second quarter came in at $3.6bn, 34 per cent higher than last year and up from the $3.4bn that an analyst poll by Bloomberg had suggested.

UPDATE: BP share price drops after strong start

Despite the positive news, first-half profits were still down on last year, from $24.6bn to $11.1bn.

The positive news for the BP is that its Russian operations are contributing, even though the ruling in the Yukos case (to which
BP is exposed through Rosneft) could yet affect the company's finances.

Bob Dudley, BP group chief executive said:

This was another successful quarter, delivering both operational progress and robust cash flow. We are continuing to ramp up the major new projects that drive delivery of cash flow and are also now seeing benefits from our focus on operating with greater reliability and efficiency.

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