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BP Expects To Reach $35 Bln Net Debt Target In Q1

British oil major BP Plc (BP.L,BP_UN.TO,BP), in an update on progress towards $35 billion net debt target, said that it now expect to have reached its $35 billion net debt target during the first quarter 2021. It is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter.

bp said it has received around $4.7 billion of disposal proceeds during the first quarter.

bp now expects disposal proceeds in 2021 to be at the top end of the previously announced $4 billion - $6 billion range.

bp's target of $25 billion of disposal proceeds between the second half of 2020 and 2025 is now underpinned by agreed or completed transactions of around $14.7 billion with about $10.0 billion of proceeds received.

bp said that, on reaching the net debt target, it is committed to returning at least 60% of surplus cash flow to shareholders by way of share buybacks.

bp's net debt at the end of the fourth quarter 2020 was $38.9 billion.

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