BP Says To Balance Books At $35-40/Bbl Oil Price By 2021
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)
WHAT DO YOU THINK?
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.
Operates 33 Offshore Rigs
- Big Oil Said to Plan Tenfold Expansion of Cost-Cut Collaboration (Jan 23)
- BP Is Said to Weigh Bid for $1.8B Italian Solar Company (Jan 22)
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)