BP managed to reduce the debt to $ 35 billion earlier than anticipated. This was announced by the energy company on Tuesday. The debt already amounted to USD 35 billion in the first three months of this year, thanks to a smoother than expected sale of parts and a very strong result in the first reporting period of this year.
At the end of the fourth quarter, BP’s net debt remained at $ 38.9 billion, with the expectation that it would increase again in the first half of 2021.
In the first quarter of 2021, $ 4.7 billion in assets were sold. For the whole of this year, BP now expects to be at the top of the previously announced bandwidth of 4 to 6 billion dollars.
The company’s goal is to sell 25 billion dollars in parts by 2025. Agreements have now been made for almost 15 billion dollars and about 10 billion dollars has now been received by BP.
With $ 35 billion in debt, BP plans to pay out at least 60 percent of the surplus cash flow to the shareholder in the form of a purchase of its own shares, provided that the creditworthiness is not compromised.
The results for the first quarter of this year will follow on Tuesday 27 April.