British energy giant BP cuts debt as higher oil prices boost finances
LONDON, Oct 14 — British energy giant BP reported yesterday that it had slashed its debt pile as the US-Iran war p...
British energy company BP has reduced its debt by an estimated US$8 billion, according to the company's latest update ahead of its third-quarter earnings. The company attributed its debt reduction to a surge in oil and gas prices caused by the US-Iran war. BP also announced that it would write down the value of its clean energy operations by US$3 to US$4.5 billion.
The company's share price increased by 1.3% following the update. BP's chief executive Meg O'Neill admitted that the company underperformed in recent years due to turmoil within the organization. The company plans to unveil a new strategy in December. BP's British rival, Shell, recently reported record-high refining margins due to the Middle East and Ukraine conflicts affecting oil supplies.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
