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BP flags $3-4.5 billion in impairments for third quarter
The company said strong oil and gas trading will help cut net debt to $13.5 billion to $14.5 billion, a year ahead of schedule.
- On Tuesday, BP announced its net debt is expected to fall to between $13.5 billion and $14.5 billion for the third quarter, reaching its 2027 target range a year ahead of schedule.
- Strong oil and gas trading, combined with refining margins that jumped nearly 60% in the third quarter, fueled the reduction as the Iran war boosts profits for oil majors.
- The oil major flagged $3 billion to $4.5 billion in impairments relating to its gas and low-carbon energy segment, reflecting an ongoing strategic shift back towards oil and gas.
- CEO Meg O'Neill will outline a fresh strategy on December 15 in New York, aiming to "set out the next phase of delivering a simpler, stronger and more valuable BP."
- Refining indicator margins averaged $46.7 per barrel during the third quarter, rising sharply from $29.6 per barrel in the second quarter amid elevated oil prices.
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27 Articles
27 Articles
BP Debt Shrinks With Boost From Oil and Gas Trading, Refining
·New York, United States
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BP's new CEO to reveal fresh strategy after it receives boost from soaring crude and gas prices
BP has revealed its new chief executive Meg O’Neill will lay out a fresh strategy for the oil giant in December as it said a boost from soaring crude and gas prices would help slash its debt pile.
·Leeds, United Kingdom
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Coverage Details
Total News Sources27
Leaning Left2Leaning Right1Center8Last UpdatedBias Distribution73% Center
Bias Distribution
- 73% of the sources are Center
73% Center
L 18%
C 73%
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