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BP Breaks Even in ‘Tough Environment’ After Debt Hits Record

  • Net borrowings almost touched $40 billion in second quarter
  • CFO sees improvement in second half as asset sales bring cash
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BP 2Q Earnings Beat Estimates as Debt Continues to Climb

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BP Plc moved to calm investor concerns after debt rose to a record, saying lower oil-spill payments for the rest of the year and funds from asset sales will ease the burden.

“This year debt is going up exactly in line with payments going out for Macondo,” Chief Financial Officer Brian Gilvary said Tuesday by phone. “And it will come back down commensurately in the second half of the year when disposal proceeds come in.”