"Profit Down at BP, Which Predicts Era of Low Oil Prices"

"LONDON — The British oil giant BP said on Tuesday that its profit was down sharply in the third quarter as depressed oil prices took a heavy toll.

The company, saying it expects prices to stay low for years, indicated that it would continue to cut costs and limit its investments in searching for and developing new oil and gas fields.

'We are now in action to rebalance our financial framework in this new price environment,' BP’s chief executive, Robert W. Dudley, said in a statement."

Stanley Reed reports for the New York Times October 27, 2015.