BP PLC, Europe's second-biggest oil company said on Tuesday that it had lifted its cost-cutting targets for 2009 to $3 billion, up by 50% from the earlier target.
The company said its Q2 earnings jumped 14 percent as compared with earnings during the last quarter, but much low than the pervious year's figures.
Energy giant BP witnessed a 4.6 percent increase in the overall production of gas and oil as compared with last year.
U. K.-based BP, which has already crossed its $2 billion cost reduction targets during the present year, is going to diminish costs by additional $1 billion.
Although BP is trimming down its costs effectively, yet profits are still unable to cover its investment spending plus dividends.
The company has seen total revenue falling down to $56.56 billion in the Q2, down from $110.98 billion in Q2 of the previous year.
For the second quarter, diluted earnings a share dropped to 23.16 cents, down from 49.23 cents in the last year.
Net profit was also down 53.1 percent to $4.39 billion in the three months to the end of June.
In the recent trading BP shares were down 1.29 percent to 512.3 pence.