EnergyWatch

BP approaches debt target

The oil supermajor expects to have passed a milestone in its debt payments during the first quarter.

Photo: LUKE MACGREGOR/REUTERS / X01981

Coming out of the first quarter 2021, British oil company BP should have reached its goal of reducing debt to USD 35bn, the supermajor confirms on Tuesday.

According to BP, divestment-related income was secured earlier than expected, with reports of a "very strong" fiscal quarter. Previous forecasts predicted that BP would reach the USD 35bn milestone during Q4 2021 or Q1 2022. By the end of 2020, BP had debt totaling USD 39bn.

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