(MENAFN) British Petroleum (BP) joined a list of energy giants planning to cut investment this year on plunging oil prices which bite into the group profits, AFP reported.
The British oil and gas company's spending in 2015 was predicted to amount USD20 billion, dipping from a previous guidance of USD24 billion to USD26 billion, BP said.
BP said its underlying replacement cost profit, a measure of earnings watched by the market, dropped nearly 10 percent to reach USD12.1 billion in 2014 over a year earlier.
"We have now entered a new and challenging phase of low oil prices through the near and medium term. Our focus must now be on resetting BP," BP chief executive saids
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