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Are Aluminum Prices About To Break Out?

Are Aluminum Prices About To Break Out?

Despite soaring demand which has…

BP On Track To Meet Net Debt Target Ahead of Schedule

BP is on track to reach its net debt goal reduction to $35 billion ahead of schedule, the company said in a statement.

According to the statement, the UK-based supermajor expects to have reached this level of net debt by the end of March.

"We are pleased to announce that we now expect to have reached our $35 billion net debt target during the first quarter 2021," chief executive Bernard Looney said.

"This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter. We look forward to updating the market at our first-quarter results, including further information on share buybacks."

During the first quarter of the year, BP received some $4.7 billion in proceeds from various asset divestment deals, including $2.4 billion from the sale of a 20-percent stake in an Omani natural gas field. The supermajor will remain the operator of Block 61 with a 40-percent stake.

Other divestment deals during the quarter included the sale of BP's petrochemicals business to Ineos, for which it last quarter received a final payment of $1 billion as well as the sale of a 49-percent stake in an oil product and logistics affiliate in the United States, which generated $700 million in proceeds.

Finally, BP sold a stake in Palantir for $400 million during the first quarter, noting that this was a significant return on its original investment in the company.

BP said it expected total divestment proceeds for the year to be in the upper part of the range between $4 and $6 billion that it had set itself for the year. The total amount the company set out to generate from divestments between 2020 and 2025 stands at $35 billion. So far, it has generated $10 billion in proceeds from such deals.

By Charles Kennedy for Oilprice.com

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