Oil Giant to Resume Share Repurchases After Slashing Debt to $35 Billion

During its fourth-quarter 2020 earnings conference call, BP's management reiterated the company's goal to achieve a net debt of $35 billion in 2021 but said it expected to reach the target only around the fourth quarter of 2021 and the first quarter of 2022. In a reassuring development, BP announced on April 6 that it hit a net debt of $35 billion in the first quarter of 2021, nearly one year ahead of schedule, thanks to a strong business performance backed by rising oil prices and "earlier than anticipated" delivery of proceeds from the divestment of assets. The proceeds helped BP bring down its net debt to $35 billion as of the quarter ending March 2021 from $38.9 billion debt at the end of 2020.