BP Says To Balance Books At $35-40/Bbl Oil Price By 2021

Reuters

LONDON, Feb 28 (Reuters) - British oil major BP said it will be able to balance its books at an oil price as low as $35-40 a barrel by 2021 as the company has reined in spending.

BP also said its upstream and downstream segments, its main oil and gas business units, will generate pre-tax free cashflow of $13-14 billion and $9-10 billion a year by 2021.

Earlier this month, BP raised its break-even price to $60 a barrel for this year due to higher spending.

"Over the next five years we expect this to fall to around $35-40 a barrel for the group overall," CFO Brian Gilvary said in a statement on Tuesday ahead of a strategy presentation to investors.

(Reporting by Karolin Schaps and Ron Bousso; Editing by Susan Fenton)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Payroll Tax Analyst - Houston
Expertise: Accounting
Location: Houston, TX
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours