bp today provides an update on the expected timing of reaching its $35 billion net debt target including the delivery of disposal proceeds and performance during the first quarter of 2021.
"We are pleased to announce that we now expect to have reached our $35 billion net debt target during the first quarter 2021. This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter. We look forward to updating the market at our first quarter results, including further information on share buybacks."
Bernard Looney, chief executive officer
Delivery of disposal proceeds
During the first quarter bp has received around $4.7 billion of disposal proceeds. This includes approximately:
- $2.4 billion from the completion of the sale of a 20% interest in Oman's Block 61;
- $1.0 billion as the final payment from the sale of bp's global petrochemicals business to INEOS;
- $0.7 billion from the sale of a 49% interest in a controlled affiliate holding certain refined product and crude logistics assets onshore US; and
- $0.4 billion from the sale of an interest in Palantir - a significant return on our initial investment.
BP. now expects disposal proceeds in 2021 to be at the top end of the previously announced $4‑6 billion range.
https://www.investegate.co.uk/bp-plc--b ... 00084696U/