DGAP-News: BP p.l.c. / Key word(s): Miscellaneous 
bp provides update on progress towards USD35 billion net debt target 
2021-04-06 / 08:30 
The issuer is solely responsible for the content of this announcement. 
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press release 
6 April 2021 
bp provides update on progress towards USD35 billion net debt target 
bp today provides an update on the expected timing of reaching its USD35 billion net debt target including the delivery 
of disposal proceeds and performance during the first quarter of 2021. 
"We are pleased to announce that we now expect to have reached our USD35 billion net debt target during the first quarter 
2021. This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business 
performance during the first quarter. We look forward to updating the market at our first quarter results, including 
further information on share buybacks." 
Bernard Looney, chief executive officer 
Delivery of disposal proceeds 
During the first quarter bp has received around USD4.7 billion of disposal proceeds. This includes approximately: 
- USD2.4 billion from the completion of the sale of a 20% interest in Oman's Block 61; 
- USD1.0 billion as the final payment from the sale of bp's global petrochemicals business to INEOS; 
- USD0.7 billion from the sale of a 49% interest in a controlled affiliate holding certain refined product and crude 
logistics assets onshore US; and 
- USD0.4 billion from the sale of an interest in Palantir - a significant return on our initial investment. 
bp now expects disposal proceeds in 2021 to be at the top end of the previously announced USD4-6 billion range. 
bp's target of USD25 billion of disposal proceeds between the second half of 2020 and 2025 is now underpinned by agreed 
or completed transactions of around USD14.7 billion with approximately USD10.0 billion of proceeds received. 
Progress towards USD35 billion net debt target 
bp's net debt at the end of the fourth quarter 2020 was USD38.9 billion. 
As disclosed at the time of the fourth quarter 2020 results, net debt was expected to increase in the first half of 
2021, driven by: severance payments spread across both quarters; the payment to Equinor following completion of the US 
offshore wind joint venture which occurred during the first quarter; and the USD1.2 billion pre-tax annual Gulf of 
Mexico oil spill payment scheduled for the second quarter. 
Reflecting the delivery of disposal proceeds and the very strong business performance in the first quarter 2021, driven 
by trading, the price environment and resilient operations, bp now expects to have reached its net debt target of USD35 
billion during the first quarter 2021. 
On reaching this net debt target, bp is committed to returning at least 60% of surplus cash flow to shareholders by way 
of share buybacks, subject to maintaining a strong investment grade credit rating. 
Further information, including in relation to share buybacks, will be provided with bp's first quarter 2021 results, 
expected to be reported on Tuesday 27 April. 
Further information: 
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014. The 
person responsible for arranging the release of this announcement on behalf of BP p.l.c. is Ben Mathews, Company 
Secretary. 
Contact: 
bp press office: bppress@bp.com, +44 (0)7831 095541 
Cautionary statement: 
In order to utilise the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 
(the 'PSLRA'), bp is providing the following cautionary statement. This announcement contains certain forward-looking 
statements - that is, statements related to future, not past events and circumstances - which may relate to one or more 
of the financial conditions, results of operations and businesses of bp and certain of the plans and objectives of bp 
with respect to these items. These statements are generally, but not always, identified by the use of words such as 
'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 
'anticipates', 'plans', 'we see' or similar expressions. 
In particular, among other statements, bp's expectation to have reached its USD35 billion net debt target during the 
first quarter 2021; expectations for disposal proceeds in 2021 to be at the top end of a USD4-6 billion range; statements 
and expectations regarding bp's target of USD25 billion of disposal proceeds between the second half of 2020 and 2025 
including expectations in respect of the completion of agreed transactions and timing of the receipt of disposal 
proceeds; expectations regarding the impact and timing of severance payments and the annual Gulf of Mexico oil spill 
payment; statements regarding the triggering of the commitment to return at least 60% of surplus cash flow to 
shareholders by way of share buybacks subject to maintaining a strong investment grade credit rating; expectations for 
bp to provide further information including in relation to share buybacks with bp's first quarter 2021 results; and 
expectations regarding the date on which bp's first-quarter 2021 results will be released, are all forward looking in 
nature. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and 
depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results may 
differ from those expressed in such statements, depending on a variety of factors including the extent and duration of 
the impact of current market conditions including the significant drop in the oil price, the impact of COVID-19, 
overall global economic and business conditions impacting our business and demand for our products as well as the 
specific factors identified in the discussions accompanying such forward-looking statements and other factors discussed 
under "Risk Factors" in our most recent Annual Report and Form 20-F and in any of our more recent public reports. 
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com or can 
be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov. 
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial 
Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the 
use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit 
www.rns.com. 
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2021-04-06 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
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1180839 2021-04-06

(END) Dow Jones Newswires

April 06, 2021 02:30 ET (06:30 GMT)