NEW YORK (TheStreet) -- BP (BP) - Get Report shares are up by 2.14% to $36.82 in mid-morning trading on Tuesday, despite the company reporting a $6 billion second quarter net loss, as falling oil prices took their toll on the oil driller's bottom line.

The company reported a $3.4 billion profit in the year ago period, before oil prices began their decent to multi-year lows over the past 12 months.

Industry standard Brent crude prices averaged $62 per barrel in the quarter, down significantly from the $110 per barrel oil averaged in the year ago period.

BP earned an adjusted profit of 43 cents per share, six cents short of the 49 cents per share analysts' were expecting the company to earn.

Revenue of $61.8 billion was significantly lower than the $94 billion the company reported a year ago, but was still ahead of the $54 billion analysts were expecting for the period.

Oil prices could decline even further this year with the specter of Iran adding to an already oversupplied market, CFO Brian Gilvary told the TheWall Street Journal today.

"The external environment remains challenging, but BP moved quickly in response and we continue to do so. Our work to increase efficiency and reduce costs is embedding sustainable benefits throughout the group and we continue with capital discipline and divestments," CEO Bob Dudley said in a statement.

Separately, TheStreet Ratings team rates BP PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate BP PLC (BP) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and weak operating cash flow."

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