“Exxon Rival Could Be First Oil Major To Resume Stock Buybacks”
April 8, 2021
“BP (BP) announced Tuesday that it likely hit its debt-reduction target in the first quarter, helped by assets sales and rebounding oil prices. BP stock rose.it’s now been more than a year since the coronavirus pandemic hit if you can believe itVolume 0%
The European oil major previously had forecast reaching its target of $35 billion in net debt between Q4 of 2021 and Q1 of 2022. “This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” CEO Bernard Looney said in a release.
BP received $4.7 billion in proceeds from asset sales during Q1. Sales included a stake in a major gas field in Oman and an interest in Palantir (PLTR). With its debt target likely in hand, BP could resume share buybacks soon. The company reiterated its pledge to deliver 60% of excess cash to shareholders…”