BP is scheduled to report results for the second quarter on Tuesday. Here is what to know.

PROFIT FORECAST: BP's underlying replacement-cost profit is expected at $5.11 billion, according to a company-compiled consensus. It booked $3.2 billion in the first quarter, and $2.4 billion in the same period in 2025. Underlying RC profit is BP's main profit metric and is similar to net income reported by U.S. oil companies.

Shares in the British energy major have gained 25% over the year to date but have underperformed European peers such as France's TotalEnergies, Spain's Repsol, Italy's Eni and Norway's Equinor.

WHAT TO WATCH

--New CEO Meg O'Neill will present company earnings for the second time on Tuesday. While she is leading a restructuring and portfolio review, she isn't expected to change the company's strategy anytime soon.

--BP's oil traders are set to gain on war-induced volatility for the second quarter in a row. In its trading update, BP flagged a slightly higher oil-trading result compared with the prior quarter, when it delivered an exceptional performance. Investors will want to know how much better than exceptional the performance will be.

--BP's portfolio is changing as it sells assets in a bid to streamline and cut net debt. It has put its U.K. North Sea oil and gas business up for sale, and agreed to sell its Austrian mobility business and a majority stake in Castrol. While streamlining makes sense, investors will want to know that this isn't a full-scale liquidation and that the energy major does have medium-term growth ambitions, RBC Capital Markets analyst Biraj Borkhataria writes.