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BP slashes costs

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BP slashes costs

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London-based BP said it was learning to live with oil at 50 dollar a barrel, by slashing costs.

Profits were down 62 percent , but that was better than analysts had predicted. BP has cut over a billion dollars from its costs base in the past year. This includes postponing projects and reducing investment BP shares rose 1.4 percent as the markets opened, bucking the trend in the European oil and gas sector.