- Oil major BP said it was on track to reach its $35 billion net debt target in the first quarter of the year following earlier than expected income from asset sales and 'very strong' performance in the quarter.

Disposal proceeds in 2021 is forecast to be at the top end of the previously announced $4‑to-$6 billion range, the company said.

'This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,' it added.

During the first quarter, the oil major received around $4.7 billion of disposal proceeds.

'Bp's target of $25 billion of disposal proceeds between the second half of 2020 and 2025 is now underpinned by agreed or completed transactions of around $14.7 billion with approximately $10.0 billion of proceeds received,' the company said.

At least 60% of surplus cash flow will be returned to shareholders by way of share buybacks.

Looking ahead, BP's first quarter 2021 results is expected to be reported on 27 April.

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