BP beats quarterly earnings estimates, trims spending again

By Karolin Schaps LONDON (Reuters) - BP reported a near halving in third-quarter earnings on Tuesday and cut its 2016 investment plans by another $1 billion (0.81 billion pounds) as weak oil prices cut into profits yet tighter spending helped the British oil major still beat analysts' estimates. To achieve a leaner balance sheet, BP said it would lower its 2016 capital expenditure to around $16 billion from the $17-19 billion expected at the start of the year, and target $15-17 billion for 2017.