BP to undergo more spending cuts, asset sales

London

BP announced on Tuesday a third round of spending cuts and more asset sales in the coming years to tackle an extended period of low oil prices after third-quarter profits slumped.

The British oil and gas company has already sold nearly US$50 billion in assets since the deadly 2010 Gulf of Mexico spill, and said on Tuesday that it was expecting an additional US$3-5 billion of divestments in 2016.

Oil companies have been aggressively cutting spending and operating costs over the past year to deal with the sharp drop in cash flows due to lower oil …