BP Poised to Restart Buybacks After Reaching Debt Goal Early
- Energy giant says it had a ‘very strong’ start to the year
- BP had expected to hit target in fourth quarter at earliest
Photographer: Chris Ratcliffe/Bloomberg
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BP Plc said it already achieved its $35 billion net-debt target, reaching the threshold at which it has said it can restart share buybacks about a year earlier than expected.
The news reflects an accelerated pace of asset sales and improved business performance, with BP’s trading division capitalizing on dramatic moves in energy markets. It marks a potential turning point following a tumultuous year for the industry, in which fuel sales and refining margins were hammered by the impact of the coronavirus pandemic.