London-UK oil major BP reported April 28 a softer than expected slump in earnings for the first quarter and succeeded in cutting its overhead as industry costs respond to the global recession.BP said it expects to achieve "much better" cost savings this year than its $2 billion target after shaving $1 billion from its costs during the first three months of the year alone. It also trimmed its capital spending plans to less than $20 billion this year, down from an previous estimate of up to $21 billion.
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