Energy
BP Warns of Rising Debt Amid Lower Output, Weak Gas Trading
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BP Plc said debts mounted in the first quarter, yet another setback for the UK energy major as it struggles to turn its finances around.
Net debt climbed about $4 billion from the prior quarter, BP said Friday, citing an increase in working capital. It also reported lower upstream production and weak gas trading — disappointing for a company pivoting back toward its core fossil-fuel business.