BP Signals Recovery for Oil Industry in Wake of Pandemic

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Strong trading results and higher oil prices are likely to help BP hit a debt-reduction target early, paving the way for share buybacks

LONDON—Oil giant BP PLC said it had a solid start to the year, aided by higher energy prices and strong results from its trading division, giving the first indication that major oil companies are on theThe company said Tuesday it was on track to lower net debt to $35 billion in the first quarter, a level it has said could trigger share buybacks. BPit expected to reach the target between the fourth quarter of 2021 and the first quarter of 2022.

“This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” said BP Chief Executive Bernard Looney. The company, which didn’t disclose revenue or profit figures ahead of its results, said its performance was driven by trading, higher oil prices and resilient operations.BP said it received around $4.7 billion in disposal proceeds during the first quarter of the year.

 

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