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Here's What to Expect From BP's Q2 Results on Tuesday

Cheap oil and charges from the Deepwater Horizon disaster mean that BP's (BP) headline figures will be predictably grim when it publishes its second quarter results on Tuesday. But, given the low expectations, the British oil company can still impress if it can show it continues to lead rivals in cost reduction, spin a good growth story and convince investors its dividend is secure.

BP is expected to report an underlying replacement cost profit of about $840 million for the three months to June 30, according to analyst consensus. That would be 35% lower than the...