It’s another busy week for company results, and there will be plenty of interest in second-quarter figures from BP tomorrow.

The energy giant is forecast to follow several of its main rivals by announcing bumper profits.

Laura Hoy, an equity analyst at Hargreaves Lansdown, said: "BP will continue to reap the reward of elevated oil prices in the second quarter, with healthy profits expected.”

The group said last month that the new windfall tax on oil and gas operators will not affect its investments in the North Sea.

Ms Hoy stated that any update tomorrow from BP management on the extra tax would be welcomed.

She added: "Aggressive spending on lower-carbon assets means this will also be an area of focus for investors. These yet-unproven projects could become a cash furnace to oil profits, so any update on BP's aims to generate returns of 8-10% in this part of the business could move the needle."

BP said in February it would exit its shareholding in Rosneft following Russia's invasion of Ukraine. The group has held a 19.75% shareholding in the state-owned enterprise since 2013.

First-quarter losses

Then, in May, BP announced first-quarter losses totalling more than £16billion following the decision to depart from Rosneft. The group reported pre-tax charges totalling over £20billion relating to its interests in Russia.

Ms Hoy added that this BP exit will be on investors’ minds tomorrow.

She went on: “We feel the group's decision to sell-off Rosneft is the right one, but we don't expect any eager buyers to emerge any time soon.”

Meanwhile, at the end of last week, ExxonMobil and Chevron smashed profits records in the second quarter as the surging energy prices that followed Russia's invasion of Ukraine delivered a windfall for the US oil supermajors.

The huge earnings come as consumers reel from sky-high fuel costs.

The Financial Times says Exxon's second-quarter net profits were £14.69billion, beating analysts' estimates of £13.87billion.

The previous record quarterly profits for the company were £13.05billion in 2012 - another year of elevated oil prices.

Chevron profits

Chevron's second-quarter profits were £9.52billion, also its highest quarterly profits and easily surpassing consensus estimates of £8.13billion.

The five western oil supermajors - Exxon, Chevron, Shell, BP and TotalEnergies - are together on track to generate well over £40billion in profits in the three months to the end of June.

FTSE 100

The UK's top share index, the FTSE 100, was up seven points at 7,431 shortly after opening this morning, following Friday's 78-point gain.

Brent crude futures were 0.39% lower at $103.56 a barrel.

Companies reporting today

  • Half-year results: Heineken, HSBC, Pearson, XP Power

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