BP p.l.c. Sponsored ADR (BP.US) Reaches 2027 Net Debt Target Ahead of Schedule, Oil and Gas Trading and Refining Businesses "Deliver Results"

BP p.l.c. Sponsored ADR (BP.US) said in a statement on Tuesday that its net debt has reached its 2027 target ahead of schedule, after its energy trading and refining businesses reaped hefty profits in the third quarter. BP p.l.c. Sponsored ADR said net debt at the end of the third quarter was about $13.5 billion to $14.5 billion, below the $14 billion to $18 billion target range the company had set for the end of 2027. The company said results were boosted by strong performance in oil and gas trading and refining. The Iran war drove oil prices above $100 a barrel, making it easier for BP p.l.c. Sponsored ADR to achieve its debt target. The seven-month conflict, combined with repeated Ukrainian drone strikes on Russian refineries, also tightened the refined products market, with fuel prices rising far more than crude. European oil majors such as BP p.l.c. Sponsored ADR have been able to profit from supply disruptions and price volatility thanks to their large trading operations and refinery networks. Shell reported last week that refining margins hit a record in the quarter. BP p.l.c. Sponsored ADR CEO Meg O'Neill, who took office in April this year, moved quickly to strengthen the balance sheet, including through asset sales. She said last week that among all companies in the industry, BP p.l.c. Sponsored ADR has been "the most leveraged for more than a decade" and must make better use of investor capital. The London-based company also reported impairment charges of $3 billion to $4.5 billion, mainly from its energy transition business. BP p.l.c. Sponsored ADR will report full third-quarter results on October 30 and hold a strategy presentation in New York on December 15.