EnergyWatch

BP further tightens spending

The oil crisis may not have been averted, but has at least been held at bay for oil giant BP. The company confirms previous rumors of further reductions in investments.

Photo: BP/PR

After a row of losses in the last three quarterly reports, British BP can now please investors with a profit in the third quarter of this year. However the plus is still far below the figures seen in the same quarter last year.

Gross earnings, which BP terms "replacement cost profit" amounted to USD 933 million (EUR 848 million) against USD 1.8 million in the same quarter last year.

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