Oil giant BP (LON:BP) has beaten analysts’ expectations in their latest set of results, despite an overall fall in profits.

The company cited lower oil and gas prices as a reason for the fall, with their replacement cost profit over the third quarter dropping to $1.23 billion, down from $2.38 billion the year before. Total revenue fell by nearly 50 percent; down to $55.9 billion from $94.8 billion last year.

Chief Executive Officer Bob Dudley took the opportunity to lay out a plan for deeper cost cuts in order to withstand the low prices; prices for crude have dropped to $50 a barrel, from over $100 last year. He said:

“Last year, we acted decisively to reset BP for a sustained period of lower oil prices and the results are coming through well. We are now in action to rebalance our financial framework in this new price environment.”

BP was one of the first of the oil companies to start cutting costs and selling assets following its Gulf of Mexico spill in 2010, and the size of the company was reduced by a third in order to pay the $55 billion fine.

Investors reacted well to the results, with BP’s share price rose 1.8% in early trading. It is currently trading up 1.01 percent at 288.27 pence per share (1044GMT).