logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alaska Airlines is set to use sustainable aviation fuel (SAF) made from municipal solid waste following a partnership with SkyNRG Americas, claimed to be the pioneer and global leader for SAF. Alaska Airlines is one of the most fuel-efficient airlines in the U.S. with a strong commitment to sustainability. Discount retailer Dollar General said it is planning to hire up to 20,000 new employees this spring. The company will host in-person and virtual hiring events from April 19 through April 23 to support ongoing efforts across store, distribution, transportation and corporate operations. The retailer provided a comprehensive list of hiring events and available positions on its Careers website. Wells Fargo & Co. (WFC) on Tuesday reported net income applicable to common stock of $4.74 billion or $1.05 per share for the first quarter, sharply higher than $653 million or $0.01 per share in the year-ago quarter. Revenue for the quarter increased 2 percent to $18.06 billion from $17.72 billion...
Follow RTT