BP boss Tony Hayward to come out fighting

TROUBLED BP boss Tony Hayward is expected to come out fighting this week when he announces second-quarter profits of about $5 billion (£3.2bn), up from $2.9bn a year earlier when oil prices were much lower.

Analysts expect Hayward to give a detailed update on Gulf of Mexico crisis. But any management changes - such as the possible departure of either Hayward or chairman Carl-Henric Svanberg - are unlikely until the broken well has been killed and the flow of oil stopped permanently.

BP has said it will attempt the kill in mid-August, but has not committed to a more specific date. Firmer details on these plans could help quell investor anxiety.

Tony Shephard, of Charles Stanley, said there could be news of further smaller disposals by BP on Tuesday, but any larger deals such as last week's 4.6bn sale of assets to Apache would come after those agreements are finalised. BP is aiming to raise more than 7bn in this year alone, with fresh disposals of assets in Vietnam, Pakistan and elsewhere believed to be imminent.

The company has racked up Gulf disaster costs of some 2.6bn, including 121m paid out in compensation to individual victims, and analysts are keenly awaiting an update from the company, including any clues as to Hayward's future.

Many expect confirmation that total liabilities to date have topped 13bn, though that will not be the end of the story. The long-term legal costs have been estimated as high as 20bn, but BP is unlikely to commit to any figures on that front.

Peter Hitchens of Panmure Gordon said: "They won't want to disclose anything more than they have to so you really can't blame them for that."