- BP's (NYSE:BP) earnings in the third quarter nearly halved compared with a year earlier, as low crude prices and charges related to its 2010 Gulf of Mexico spill weighed on financial performance.
- Replacement cost profit, a number analogous to the net income that U.S. oil companies report, was $1.2B vs. $2.4B a year ago.
- However, BP laid out a strategy to manage the lower oil price environment, planning for an around $60/bbl price for Brent crude until at least 2017 and scheduling $3B-5B worth of asset sales next year.
- BP +1.8% premarket