Net debt falls to $13.5-$14.5 billion range from $22.3 billion
BP said Tuesday it will host a strategy and outlook update in New York on Dec. 15, giving new Chief Executive Meg O’Neill her first opportunity to outline her vision for the British energy major to investors.
O’Neill has headed BP since April of this year, the company said, and has so far made shoring up the balance sheet a priority. She has also worked to simplify the portfolio and the company’s structure.
Higher oil and gas prices coupled with disposals have helped cut net debt, BP said. BP said it sees net debt at the end of the third quarter between $13.5 billion and $14.5 billion, down from $22.3 billion at the end of the second quarter.
The company had been targeting net debt of $14 billion to $18 billion by the end of 2027. Its new guidance range of $13.5 billion to $14.5 billion overlaps that target band only at the upper end, with the low end of the range falling below the target’s $14 billion floor.
The company did not specify what the update would cover.