BP’s stock fell $1.04 on Friday as fears of oil prices declining further spurred investors to sell out.
The London-based oil giant has been struggling to stem the decline in oil prices as a result of a global oil glut that has pushed up the price of oil by around $100 a barrel.
In its latest quarterly earnings report, BP said that crude prices were down $3.40 per barrel, or 3.7%, from the same period a year earlier.
The drop was in line with analysts’ expectations and less than analysts’ estimate of a fall of $3 per barrel.
The company also cut its earnings outlook to positive.
BP shares were trading lower by 1.5% at $43.50.
“We are disappointed with our results, however, and are focusing on our long-term strategy and business outlook,” BP chief financial officer Chris Anderson said in a statement.
“Our financial results are a reflection of the continued resilience of our business and we believe that we will return to profit in the foreseeable future.”
BP has been investing billions of dollars to fight the global glut, which has driven up the cost of oil and driven up oil prices.
In February, the oil company announced it would cut 3,000 jobs and lay off 7,000 employees.
On Friday, BP’s shares were down about 4%.
The company said it would continue to invest in its operations in Canada and the U.K. to help support the oil industry.
BP also said it plans to reduce its debt to $12 billion from $18 billion.
BP said it expects to report full-year results for the year on Jan. 31.
The oil company said that in 2018, it expects revenues to decline 1% to $3 trillion from $4.5 trillion a year ago.