Get Ready For BP Earnings


Photo: Greenpeace

BP, the gigantic polluter of the Gulf of Mexico, that also happens to be a major player in the energy industry releases earnings tomorrow.Danny King at Daily Finance has a preview of some of the key numbers:

BP is expected to report Tuesday that its second-quarter earnings per share rose about 48%, thanks in part to oil prices that were about 40% higher than a year earlier and topped the $85-a-barrel mark for the first time in a year and a half.

That price spike offset the effects of costs related to the accident on the Deepwater Horizon off the coast of Louisiana, which killed 11 workers. BP owns 65% of the rig.

BP is expected to report earnings of about $1.39 a share. Revenue is estimated to have jumped 28% from a year earlier to $72.6 billion, according to the average estimate of analysts in a Thomson Reuters poll. Second-quarter profits in 2009 were 94 cents a share.

The results will be released here, at the ripe hour of 2:00 AM ET. The conference call, which should have plenty of Deepwater talk, will take place at 9:00 AM ET.

Although the Deepwater stuff will be the subject of the most fascination, the report and call should add yet another piece to the world macro puzzle, and would be worth following for that alone.

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