LONDON: BP reported a near halving in third-quarter earnings and cut its 2016 investment plans by another US$1bil as weak oil prices cut into profits yet tighter spending helped the British oil major still beat analysts’ estimates.
BP, which plans to lay off around 7,000 workers by the end of next year, said it was expecting further charges related to redundancies and other restructuring measures next year, adding to the US$2.1bil in charges incurred since the end of 2014.
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