BP says quarterly net profit surges to $1.6 bn

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London (AFP)

BP said Tuesday that net profits rocketed in the third quarter, aided partly by cost-cutting, and announced further spending cuts in response to low oil prices.

Earnings after tax soared to $1.6 billion (1.5 billion euros) in the three months to September, compared with just $46 million in the same period a year earlier, BP said in a results statement.

Chief Financial Officer Brian Gilvary added BP was making "good progress" in adapting to a "challenging" oil price environment, while it cut 2016 capital expenditure to $16 billion, compared with the previous guidance of $17-19 billion.