BP's New CEO to Reveal Fresh Strategy After It Receives Boost From Soaring Crude and Gas Prices
The oil major said soaring crude and gas prices helped cut net debt to $13.5 billion to $14.5 billion by the end of September.
6 Articles
6 Articles
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.
The company announced that its net debt had reached the 2027 target, thanks to extraordinary profits from energy trade and refining activities in the third quarter, with prices rising sharply. In a statement today Tuesday, the company stated that net debt would be between $13.5 billion and $14.5 billion at the end of the period, [...] the BB post would achieve an early 2027 debt target due to higher oil prices written in the Stock Exchange.
BP recorded significant profits from oil and gas trading and refining in the third quarter of 2026, taking advantage of the surge in energy prices caused by the war in the Middle East. According to Bloomberg, the British energy giant announced on Tuesday that its net debt fell to $13.5 billion to $14.5 billion at the end of September, effectively achieving the target of $14 billion to $18 billion it had set for the end of 2027 by a year. The dev…
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