By STANLEY REED: OCT. 27, 2015
LONDON — The British oil giant BP said on Tuesday that its profit was down sharply in the third quarter as depressed oil prices took a heavy toll.
The company, saying it expects prices to stay low for years, indicated that it would continue to cut costs and limit its investments in searching for and developing new oil and gas fields.
“We are now in action to rebalance our financial framework in this new price environment,” BP’s chief executive, Robert W. Dudley, said in a statement.
The company said its profit in the quarter was $46 million, compared with $1.3 billion a year earlier. Profit on the basis of underlying replacement cost, a more widely used figure, fell to $1.8 billion for the quarter from $3 billion a year earlier.