Results missed estimates, mostly on downstream being impacted by weak refining. Net debt is down by $1.4bn to $39bn, with the completion of the disposal of the petrochemical unit. The group announces $4-6bn of divestments in 2021 but also expects payments to be front-loaded in H1 (e.g. severance payments, offshore wind). It therefore sees the $35bn target as being reached at the end of 2021/ beginning of 2022, opening the door for the share buy-back programme.
02 Feb 2021
Q4: stable oil prices but weak downstream
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Q4: stable oil prices but weak downstream
BP p.l.c. (BP:LON) | 515 12.9 0.5% | Mkt Cap: 86,616m
- Published:
02 Feb 2021 -
Author:
Kevin VO -
Pages:
3
Results missed estimates, mostly on downstream being impacted by weak refining. Net debt is down by $1.4bn to $39bn, with the completion of the disposal of the petrochemical unit. The group announces $4-6bn of divestments in 2021 but also expects payments to be front-loaded in H1 (e.g. severance payments, offshore wind). It therefore sees the $35bn target as being reached at the end of 2021/ beginning of 2022, opening the door for the share buy-back programme.