BP eyes more spending cuts after 80 percent profit drop
Baku, April 26, AZERTAC
BP said on Tuesday it could cut capital spending further after reporting an 80 percent drop in profits in the first quarter of the year, when oil prices touched a near 13-year low, according to Reuters.
BP's first-quarter underlying replacement cost profit, its definition of net income, was $532 million, down from $2.6 billion a year earlier but beating forecasts for a loss of $140 million, according to consensus figures provided by BP.
It said 2017 cash costs will be $7 billion lower than for 2014.
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