 |
Louisiana Light • 1 day | 86.60 | -0.08 | -0.09% | ||
|
Bonny Light • 1 day | 88.73 | -1.64 | -1.81% | ||
|
Opec Basket • 1 day | 87.35 | -2.29 | -2.55% | ||
|
Mars US • 168 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 10 mins | 2.707 | -0.007 | -0.25% |
|
Bonny Light • 1 day | 88.73 | -1.64 | -1.81% | ||
|
Girassol • 1 day | 89.30 | -1.63 | -1.79% | ||
|
Opec Basket • 1 day | 87.35 | -2.29 | -2.55% |
|
Peace Sour • 40 mins | 75.30 | -0.05 | -0.07% | ||
|
Light Sour Blend • 40 mins | 78.35 | -0.05 | -0.06% | ||
|
Syncrude Sweet Premium • 40 mins | 85.30 | -0.05 | -0.06% | ||
|
Central Alberta • 40 mins | 75.70 | -0.05 | -0.07% |
|
Eagle Ford • 1 day | 79.21 | +0.04 | +0.05% | ||
|
Oklahoma Sweet • 1 day | 79.25 | +0.00 | +0.00% | ||
|
Kansas Common • 2 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 2 days | 86.86 | -2.40 | -2.69% |
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BP On Track To Meet Net Debt Target Ahead of Schedule
BP is on track to reach its net debt goal reduction to $35 billion ahead of schedule, the company said in a statement.
According to the statement, the UK-based supermajor expects to have reached this level of net debt by the end of March.
"We are pleased to announce that we now expect to have reached our $35 billion net debt target during the first quarter 2021," chief executive Bernard Looney said.
"This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter. We look forward to updating the market at our first-quarter results, including further information on share buybacks."
During the first quarter of the year, BP received some $4.7 billion in proceeds from various asset divestment deals, including $2.4 billion from the sale of a 20-percent stake in an Omani natural gas field. The supermajor will remain the operator of Block 61 with a 40-percent stake.
Other divestment deals during the quarter included the sale of BP's petrochemicals business to Ineos, for which it last quarter received a final payment of $1 billion as well as the sale of a 49-percent stake in an oil product and logistics affiliate in the United States, which generated $700 million in proceeds.
Finally, BP sold a stake in Palantir for $400 million during the first quarter, noting that this was a significant return on its original investment in the company.
BP said it expected total divestment proceeds for the year to be in the upper part of the range between $4 and $6 billion that it had set itself for the year. The total amount the company set out to generate from divestments between 2020 and 2025 stands at $35 billion. So far, it has generated $10 billion in proceeds from such deals.
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By Charles Kennedy for Oilprice.com
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