BP Expects to Have Hit Net Debt Target in 1Q After Disposals
April 06 2021 - 2:45AM
Dow Jones News
By Jaime Llinares Taboada
BP PLC said Tuesday that it expects to have reached its $35
billion net debt target during the first quarter of 2021 as a
result of earlier than expected delivery of disposal proceeds and a
strong business performance.
The FTSE 100 oil major said it received around $4.7 billion of
disposal proceeds in the first quarter.
Net debt had been reported at $38.9 billion as at the end of
2020, and was previously expected to increase during the first
quarter of 2021.
BP had promised to return at least 60% of surplus cash flow to
shareholders by way of share buybacks, subject to maintaining a
strong investment-grade credit rating, once it reduced net debt to
$35 billion.
BP said it now expects 2021 disposal proceeds at the top end of
the previously guided range of $4 billion-$6 billion.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
April 06, 2021 02:30 ET (06:30 GMT)
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