The company also lowered its expected full-year organic capital spending to below $20 billion after cutting it by 13 percent earlier this year as the industry continues to grapple with low oil prices. BP’s underlying replacement cost profit, the company’s definition of net income, was $1.3 billion, lower than analysts expectations of $1.64 billion. This month, BP reached an $18.7 billion settlement with the U.S. government and five states to resolve most claims from the deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.