BP Plc has already reduced its net debt to the $13.5–$14.5 billion range, meeting its 2027 target early, thanks to surging oil prices and strong trading and refining profits. The company benefited from the Iran-driven oil price spike above $100 per barrel and supply disruptions caused by Ukraine’s drone strikes on Russian refineries. CEO Meg O’Neill, who took office in April, has prioritized balance sheet strength through asset sales, noting BP had been the most leveraged major oil company for over a decade.
The firm reported $3–$4.5 billion in impairment charges, mainly in energy transition units. Full Q3 results are due Oct. 30, with a strategy day scheduled for Dec. 15 in New York.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing