BP said on Monday that it had cut its debt load faster than expected thanks to a “very strong” first quarter, indicating it will also restart share buybacks sooner than forecast.
The oil company said it anticipated its results later this month would show its net debt fell from $38.9bn at the end of 2020 to its target of $35bn in the first quarter, having previously warned it was expected to rise in the first half of the year.
“This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” said Bernard Looney, chief executive. He said he would provide more details on share buybacks when the company reports its first-quarter results on April 27.
BP said that after reaching its net debt target it would return “at least 60 per cent of surplus cash flow to shareholders” through share buybacks, as long as it could maintain an investment grade credit rating.
The London-listed company said its strong performance in the first quarter was “driven by trading, the price environment and resilient operations”. Disposal proceeds would be at the top end of its previously announced $4bn — $6bn range.
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April 06, 2021 at 02:35PM
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BP cuts debt load ahead of schedule - Financial Times
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