BP: We're planning for $60 oil
Andrew Burton/Getty Images
The oil price has stayed mostly below $50 a barrel this quarter, falling from $100 last year. BP said it would cut costs by as much as $6 billion (£3.9 billion) by 2017, as it released its third-quarter results on Tuesday.
Chief Executive Officer Bob Dudley said: "BP has successfully adapted to changing circumstances many times in its history and, in a hard time for the entire industry, I believe we will once again successfully take on today's challenges,"
BP reported third quarter profit of $1.8 billion. That's less than the $3 billion a year earlier but higher than market estimates of $1.2 billion.
The company has been hit with a $20 billion bill to settle claims against it in the wake of the Deepwater Horizon oil spill in 2010, along with low oil prices caused by oversupply and shrinking economic growth in emerging market economies such as China.
The stock is up on the news at the London market open:
Investing
- RBI Governor Das discusses ways to scale up UPI ecosystem with stakeholders
- People find ChatGPT to have a better moral compass than real humans, study reveals
- TVS Motor Company net profit rises 15% to ₹387 crore in March quarter
- Canara Bank Q4 profit rises 18% to ₹3,757 crore
- Indegene IPO allotment – How to check allotment, GMP, listing date and more
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market