BP Cuts Net Debt by $8 Billion and Reaches 2027 Target Early

BP reduced net debt by about $8 billion over the past three months, reaching its 2027 net-debt target ahead of schedule as stronger energy trading and oil refining profits lifted the company’s outlook. BP shares rose 3.5% Tuesday, Oct. 13, reaching an intraday 52-week high of $48.74. Surging energy prices drove stronger profits from energy trading and oil refining, supporting the debt reduction. The company is expected to issue an earlier-than-planned strategy update in December. The update is expected to outline the next phase of BP’s efforts to streamline its operations, strengthen its financial position and improve long-term value.

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