BP BEATS QUARTERLY EARNINGS ESTIMATES, TRIMS SPENDING

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