OIL AND GAS
Oil giant BP says earnings fell 48 per cent in the third quarter as the company continued to adjust to lower oil and gas prices. Underlying replacement cost profit fell to $933 million from $1.8 billion in the same period last year. The figure, which excludes non-operating items and fluctuations in the value of inventories, is the industry’s preferred measure. Brian Gilvary, BP’s Chief Financial Officer, said the company continues “to make good progress in adapting to the challenging price and margin environment”. Gilvary said BP was preparing for oil prices of $50 to $55 a barrel, down from more than $100 a barrel in 2014.