After laying out the new strategy, the focus has shifted back to current operations. The group managed to reduce its net debt by $500m (to $40.4bn) with Brent averaging $43/bbl and particularly weak refining margins. This demonstrates the group’s ability to reach the cash balance point target of $40/bbl and hints at a buyback programme in 2022.
27 Oct 2020
Q3: net debt reduction in a tough environment
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Q3: net debt reduction in a tough environment
BP p.l.c. (BP:LON) | 526 13.2 0.5% | Mkt Cap: 88,495m
- Published:
27 Oct 2020 -
Author:
Kevin VO -
Pages:
3
After laying out the new strategy, the focus has shifted back to current operations. The group managed to reduce its net debt by $500m (to $40.4bn) with Brent averaging $43/bbl and particularly weak refining margins. This demonstrates the group’s ability to reach the cash balance point target of $40/bbl and hints at a buyback programme in 2022.