BP BEATS QUAR­TERLY EARN­INGS ES­TI­MATES, TRIMS SPEND­ING

The Sun (Malaysia) - - SUNBIZ -

LON­DON: BP re­ported a near halv­ing in thirdquar­ter earn­ings yes­ter­day and trimmed 2016 spend­ing by an­other US$1 bil­lion (RM4.18 bil­lion) as weak prices cut into prof­its yet the Bri­tish oil ma­jor still beat an­a­lysts’ es­ti­mates. BP’s un­der­ly­ing re­place­ment cost profit, the com­pany’s def­i­ni­tion of net in­come, fell to US$933 mil­lion, com­pared with US$780 mil­lion ex­pected by an­a­lysts and down from US$1.8 bil­lion a year ear­lier. BP said this year’s cap­i­tal ex­pen­di­ture would fall to around US$16 bil­lion and to US$15-17 bil­lion in 2017. – Reuters

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