BP says net debt has already reached its 2027 target

BP says its net debt is already within its 2027 target range after strong trading and refining profits in the third quarter.

The London-based company put net debt at about $13.5 billion to $14.5 billion, compared with a target range of $14 billion to $18 billion by the end of next year.

Higher energy prices boosted profits from BP’s oil and gas trading and refining businesses.

The Iran war pushed oil above $100 a barrel, while the conflict and Ukrainian drone strikes on Russian refineries tightened supplies of fuel products.

Fuel prices rose more than crude prices, helping oil companies with trading operations and refineries.

BP has also been selling assets to strengthen its finances, and it expects to record $3 billion to $4.5 billion in asset write-downs, mostly in businesses linked to the energy transition.

BP will publish full third-quarter results on October 30 and hold a strategy day in New York on December 15.