IBTimes.com

 BP, the battered oil giant, will report second quarter earnings on Tuesday. The key focus will be any statements on how it is dealing with the Gulf oil spill and its future plans, including the fate of current CEO Tony Hayward.

Excluding charges such as expenses related to the oil spill, BP is expected to earn $1.39 per share, up from $1.01 a year ago. Like its peers, BP has benefited from higher oil prices compared to the second quarter last year.

However, beyond the numbers, investors and analysts are looking for any new information on BP's oil spill liability and how it plans to respond to it. Specifically, investors want to see how BP will raise more money and how these moves will impact future revenue-generating capabilities.

In response to its impending liabilities (and also because of political pressures), BP has already suspended its dividends, cut a deal to sell $7 billion worth of assets, and reportedly courted sovereign wealth funds as equities investors.

Also of critical importance is any information on the fate of CEO Tony Hayward. U.K. media has reported that Hayward has been negotiating his severance package with BP's board and his departure could be announced as soon as Monday or Tuesday. His possible replacement is Robert Dudley, an American BP executive who is currently in charge of the Gulf cleanup efforts.

Dudley, a Mississippi native, worked at Amoco and then joined BP when Amoco was acquired in 1998. His career at BP included a stint as the CEO of TNK-BP, BP's Russian joint venture. Back in 2007 after long-time CEO Lord John Browne resigned, Dudley was a replacement candidate for the position (Hayward was ultimately chosen).

Hayward has been heavily criticized for his response to the Gulf spill and his poor job of testifying before the U.S. congressional panel. Cutting Hayward would also show that someone in BP's senior management is  "held responsible" for the debacle.

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