LONDON, Nov 1 (Reuters) - BP reported a near halvingin third-quarter earnings on Tuesday and trimmed 2016 spendingby another $1 billion as weak prices cut into profits yet theBritish oil major still beat analysts' estimates.
BP's underlying replacement cost profit, the company'sdefinition of net income, fell to $933 million, compared with$780 million expected by analysts and down from $1.8 billion ayear earlier.
"We remain on track to rebalance organic cash flows nextyear at $50 to $55 a barrel," Chief Financial Officer BrianGilvary said in a statement.
BP said this year's capital expenditure would fall to around$16 billion and to $15-17 billion in 2017.
(Reporting by Karolin Schaps; editing by Jason Neely)