BP earnings disappoint as it cuts costs, investment

LONDON (AP) — Oil producer BP’s earnings rose less than expected in the fourth quarter, as it sought to adapt to low energy prices with cost cuts, asset sales and a pullback in investment plans.
A key measure of net income, the underlying replacement cost profit, rose to $400 million from $196 million in the same period last year. That missed analyst forecasts for $540 million, as surveyed by data provider FactSet. The profit measure, which excludes fluctuations in the value of inve