Oil giant BP says earnings fell 48 percent in 3Q

Oil giant BP says earnings fell 48 percent in the third quarter as the company continued to adjust to lower oil and gas prices.

Underlying replacement cost profit fell to $933 million from $1.8 billion in the same period last year. The figure, which excludes non-operating items and fluctuations in the value of inventories, is the industry's preferred measure.

Brian Gilvary, BP's chief financial officer, said Tuesday that the company continues "to make good progress in adapting to the challenging price and margin environment."

Gilvary says BP was preparing for oil prices of $50 to $55 a barrel, down from more than $100 a barrel in September 2014.