The BP logo. Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

BP posted a $2.8 billion second-quarter profit Tuesday, beating analyst expectations with a tally that's roughly four times higher than the same period a year earlier.

Why it matters: It's a bright spot for BP during an earnings season in which some other super-majors — notably Exxon — have posted profits that fell short of forecasts despite strong oil prices.

  • BP said its oil-and-gas production was 3.6 million barrels per day of oil-equivalent, and the company has started projects in Azerbaijan, Russia and Egypt.

The big picture: "The numbers bear out BP’s ambitious plan to regain its position among the elite tier of big energy companies following its fatal blowout in the Gulf of Mexico eight years ago," per the Wall Street Journal.

  • Brian Gilvary, the company's chief financial officer, told analysts on a call Tuesday morning that the company has already paid 80% of this year's planned settlement payments related to the 2010 Gulf catastrophe.
  • More broadly, he said the company is in the "litigation tail" from the disaster, although payments will continue.

What's next: CEO Bob Dudley said that looking forward, the company is planning for oil prices in the $50–$65 per barrel range, which he also discussed in this CNBC interview.

  • "That's how we're going to plan the company, we're not going to get ahead of ourselves, we're going to keep the capital discipline," he told the network.

Electric vehicles strategy: Dudley also used the quarterly analysts' call to promote the company's recent moves in the electric vehicle charging space —  purchase of the EV charging network Chargemaster and investment in the battery tech company StoreDot.

  • Dudley called EVs "not a threat, but an opportunity for BP."
  • “We are well positioned to become both the leading fuel provider for both conventional and electric vehicles,” he said Tuesday.

Flashback: BP announced last week that it's making a major push in the U.S. shale patch with the $10.5 billion acquisition of BHP Billiton assets, notably oil-rich acreage in the Permian and Eagle Ford basins.

Go deeper: Reuters breaks down the numbers here.

Go deeper

Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

Dion Rabouin, author of Markets
57 mins ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.