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Well, it turns out that we might need to wait a bit longer for the turnaround.
Yesterday, the company reported much lower-than-expected earnings for the second quarter. Profits came in at $3.7 billion, down from $5.7 billion year-over-year. This sent shares down 4.3% after the results were reported.
Senior Trader at TJ Markets, Manoj Ladwa, says, “Revenues were expected to be down but not down this much.”
It’s not just the Gulf of Mexico oil spill that’s to blame, either. Analysts also point to the suspended Liberty project in Alaska and the reduced output from its joint Russian venture, TNK-BP (PINK: TNKBF).
Keep in mind, though, Jason mentioned that Russian oil giant, Rosneft (PINK: RNFTF), might soon buy BP out of the TNK-BP venture. This would not only bail the company out of the slowing business, but also give it cash to help cover the cost of the oil spill.
So things might not be so bleak for the company when it reports third-quarter earnings in October.