Energy company BP said it expects to have hit its $35bn net debt target in Q1 2021. This comes sooner than the expected target of Q4 2021 and helps give way for it to buy back shares. “This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” CEO Bernard Looney said. Its first quarter results are due on April 27 and BP said it will provide an update on the buyback then. The company had debt of $39bn end-2020 and said it expected debt to rise in Q1 2021 due to several payments which were outstanding. Reuters notes that BP generated $4.7bn from sale proceeds in the first quarter and aims to sell assets worth $25bn by 2025.
BP’s 4.875% Perp was flat at 107.51, yielding 3.9%.
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