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After a ‘stunning’ update, what does the future hold for long-suffering BP?
BP's first quarter profit more than doubled, surpassing both company and analyst expectations.
KEY POINTS
- New CEO Meg O’Neill has restored BP’s old structure, splitting the company into upstream and downstream divisions.
- BP redirected cash from its halted share buyback to pay off $4.3bn in corporate bonds without reissuing.
- BP aims to bank $20bn from asset disposals by next year, including recent Castrol and German refinery sales.
- Elliott Management, with a 5% stake, appears satisfied with BP's accelerated portfolio simplification.
COMPANIES
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