NEW YORK (TheStreet) -- BP (BP) - Get Report stock is sliding by 0.80% to $34.77 in late afternoon trading on Tuesday, as third quarter 2015 revenue nearly halved year over year and the company announced a cost cutting plan.

The oil company reported earnings of 60 cents per American Depository Share for the most recent quarter, down from 99 cents per ADS for the year ago period.

Revenue declined to $55.88 billion from $94.77 billion in the 2014 third quarter. 

Analysts expected the oil company to report earnings of 33 cents per share on revenue of $46.76 billion for the most recent quarter.

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

Additionally, the company revealed plans to break even by 2017 amid prices of $60 a barrel. BP has cut $3 billion in costs this year, and hopes to cut another $3 billion by 2017.

It also plans to limit capital spending between $17 billion and $19 billion through 2017, down from guidance of between $24 billion and $26 billion for 2015 projected a year ago, the Wall Street Journal reports. 

TheStreet Recommends

Separately, TheStreet Ratings team rates BP PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate BP PLC (BP) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.

You can view the full analysis from the report here: BP

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