Gas prices are displayed at a BP gas station in the Brooklyn borough of New York, the United States on April 9, 2020. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico. (Photo by Michael Nagle/Xinhua)
Gas prices are displayed at a BP gas station in the Brooklyn borough of New York, the United States on April 9, 2020. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico. (Photo by Michael Nagle/Xinhua)

(dpa-AFX) – British oil major BP, in an update on progress towards 35 billion dollar net debt target, said that it now expect to have reached its 35-billion-dollar net debt target during the first quarter 2021.

It is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter.

BP said it has received around 4.7 billion dollars of disposal proceeds during the first quarter.

BP now expects disposal proceeds in 2021 to be at the top end of the previously announced 4-billion-dollar – 6-billion-dollar range.

BP’s target of 25 billion dollars of disposal proceeds between the second half of 2020 and 2025 is now underpinned by agreed or completed transactions of around 14.7 billion dollars with about 10.0 billion dollars of proceeds received.

BP said that, on reaching the net debt target, it is committed to returning at least 60 per cent of surplus cash flow to shareholders by way of share buybacks.

BP’s net debt at the end of the fourth quarter 2020 was 38.9 billion dollars.

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