BP eyes more spending cuts as profits drop 80%

BP is looking to further cut capital spending after reporting an 80 percent decrease in first-quarter profits.

During the first quarter, oil prices touched down near a 13-year low.

In response, the British oil company lowered its 2016 spending target to $17 billion from $17-$19 billion. It could fall to $15-$17 billion next year if oil prices remain weak.

Net income dropped to $532 million from $2.6 billion a year earlier. It beat forecasts for a loss of $140 million.

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