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BP says to balance books at $35-40/bbl oil price by 2021

Published 28/02/2017, 14:16
© Reuters. File photo of a BP logo at a petrol station in London
BP
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LONDON (Reuters) - British oil major BP (L: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.

© Reuters. File photo of a BP logo at a petrol station in London

"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.

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