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

BP's (NYSE: BP) humongous debt load has been a reason for concern among investors, so the latest announcement from the oil giant should come as a breather.

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.

Source Fool.com