BP Announces First Quarter Results

British Petroleum announced an 80% reduction in first quarter profits over last year, dropping from $2.6-billion in 2015 to $532-million this year.

The company said it will likely cut capital spending further from $17-billion this year, down about $2-billion.

In 2015, BP reduced capital spending three times, cut nearly 10% of its 80,000 person workforce, and drastically worked to reduce spending.

(Written by: N. Reitmayer; Original information source: Reuters http://www.reuters.com/article/us-bp-results-idUSKCN0XN0HW)