BP's Q1 results to rise on asset sales, oil price and robust performance

London, (Quantum Commodity Intelligence) - Oil major BP's financial performance is set to exceed its target in Q1 due to a combination of asset sales, a favourable price environment and a robust business performance, the producer said in a statement Tuesday.

The company is expecting to reach its net debt target of $35 billion by the end of the first quarter, ahead of schedule compared to its prior forecast of the fourth quarter this year, and is committed to restarting a share buyback programme after hitting the debt target.

"This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter," said Bernard Looney, chief executive officer. 

Around $4.7 billion of disposal proceeds were received in the first quarter, including $2.4 billion from a 20% interest in Oman's Block 61 gas field from Thai company PTT Exploration and ‎‎Production in a deal completed in February.

It also received a $1 billion final payment related to the sale of its petrochemical business to INOES and $1.1 billion from the sale of interests in onshore logistics assets in the US and the US technology company Palantir.

BP's full first-quarter results will be released on April 27.