Oil giant BP sees profits nearly halve
Oil giant BP has reported a near 50% fall in third-quarter profits from last year as the sector continues to struggle with low prices.
The company made $933m (£763m) on an underlying replacement cost basis, compared with $1.8bn a year earlier.
BP blamed falling oil prices for its fall, saying it was affected by a "weaker price and margin environment".
Rival oil company Royal Dutch Shell reported third-quarter profits of $2.8bn, up 18% from last year.
BP's chief financial officer Brian Gilvary said: "We continue to make good progress in adapting to the challenging price and margin environment.
"We remain on track to rebalance organic cash flows next year at $50 to $55 a barrel, underpinned by continued strong operating reliability and momentum in resetting costs and capital spending.
"At the same time, we are investing in the projects, businesses and options to deliver growth in the years ahead."
BP also cut its investment plans for this year. It now expects to spend $16bn on capital expenditure this year, compared with a previous prediction of $17-19bn. For 2017, it is forecasting investment of $15-17bn.