Oil profits boost BP debt reduction

BP has confirmed that its net debt has already reached the target set for 2027, as a result of extraordinary profits made in the third quarter through oil and gas trading and refining activities. The net debt ranged between $13.5 billion and $14.5 billion, compared to the target range of $14 billion to $18 billion by the end of next year. The rise in oil prices, driven by the Iran war and the Russia-Ukraine conflicts, propelled the company's profits, making it easier to achieve the debt reduction goal ahead of schedule. The company also reflected strong performance through record-high refining margins and moves to strengthen its balance sheet via asset sales. It is expected to announce its third-quarter results on October 30 and a new strategy in December.

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