* Expects further restructuring charges in 2017
* Q3 underlying replacement cost profit of $933 mln beatestimates
* 2016 capital expenditure trimmed to around $16 billion
* On track to sell $3-5 bln of assets this year (Adds details, background)
By Karolin Schaps
LONDON, Nov 1 (Reuters) - BP reported a near halvingin third-quarter earnings on Tuesday and cut its 2016 investmentplans by another $1 billion as weak oil prices cut into profitsyet tighter spending helped the British oil major still beatanalysts' estimates.
BP, which plans to lay off around 7,000 workers by the endof next year, said it was expecting further charges related toredundancies and other restructuring measures next year, addingto the $2.1 billion in charges incurred since the end of 2014.
BP's third-quarter underlying replacement cost profit, thecompany's definition of net income, fell to $933 million from$1.8 billion a year earlier but beat the $780 million expectedby analysts.
"We remain on track to rebalance organic cash flows nextyear at $50 to $55 a barrel," Chief Financial Officer BrianGilvary said in a statement.
Oil prices are now trading at around $49 a barrel, meaningBP is banking on a slight rise in prices going into next year.
To achieve a leaner balance sheet, BP said it would lowerits 2016 capital expenditure to around $16 billion from the$17-19 billion expected at the start of the year, and target$15-17 billion for 2017.
BP joined the ranks of Shell, France's Total andU.S. majors Exxon Mobil and Chevron in beatingexpectations, with cost cuts helping to improve margins.
Norway's Statoil and Italy's ENI disappointed, however.
BP said asset sales stood at $2.7 billion at the end of thequarter and the company remained on track to sell $3-5 billionof assets this year. (Editing by Jason Neely)