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BP Profit Beats Estimates as CEO Plans Deeper Cost Cuts

  • Bob Dudley resets BP for crude at $60 a barrel through 2017
  • Refining, gas trading boosts earnings amid slump in oil price
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BP Profit Tops Estimates on Cheap Oil Refining Boost

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BP Plc third-quarter profit beat analysts’ estimates, boosted by refining, as Chief Executive Officer Bob Dudley laid out a plan for deeper cost cuts to withstand low prices.

Earnings from processing crude into fuels and from trading natural gas took profit adjusted for one-time items and inventory changes to $1.82 billion, 40 percent lower than a year earlier, yet exceeding the $1.26 billion average estimate of 15 analysts surveyed by Bloomberg.