British oil company BP reported quarterly profits of $2.6bn, a more than 3x jump as compared to the same period last year. The company also reported operating cash flows of $6.1bn underpinned by strong business performance, with a working capital build of $1.2bn. BP also revealed that they achieved their net debt target of $35bn bringing it down by $5.6bn to $33.3bn due to $4.8bn worth of divestments and higher oil prices. They also plan to resume $500mn in share buybacks in Q2.
BP’s dollar bonds were trading stable – its 4.375% Perp was at 106.5, yielding 2.71%