LONDON – Oil giant BP PLC said it had had a strong start to the year, helped by rising energy prices and the good performance of its business division, giving the first indication that large companies oil companies are on the road to recovery from pandemic-induced losses across the country. Last year.
The company said on Tuesday it was on track to reduce its net debt to $ 35 billion in the first quarter, a level it said could trigger share buybacks. BP previously said it expected to meet the target between Q4 2021 and Q1 2022.
“This is the result of an earlier than expected delivery of divestiture proceeds combined with very good business performance during the first quarter,” said Bernard Looney, CEO of BP. The company, which did not disclose its revenue or earnings until after its results, said its performance was driven by trading, rising oil prices and resilience of operations.
BP shares rose 3% in morning trading in London.
BP said it received approximately $ 4.7 billion in divestiture proceeds in the first quarter of the year.