BAKU, Azerbaijan, October 31. British multinational oil and gas company bp has reported a significant increase in its capital expenditure for the third quarter and nine months of 2023, reflecting its strategic financial moves, Trend reports.
In the first three quarters of the year, bp invested a total of $11.5 billion, compared to $9.0 billion in the same period in 2022.
The notable expansion in capital expenditure for the first nine months of 2023 is attributed, in part, to the $1.1 billion spent on the inorganic acquisition of TravelCenters of America during the second quarter of the year. This investment aligns with bp's strategic goals and expansion efforts.
In the third quarter of 2023, capital expenditure reached $3.6 billion, slightly surpassing the $3.2 billion spent in the same period of 2022, reflecting bp's ongoing commitment to infrastructure and development projects.
Furthermore, bp's total divestment and other proceeds for the third quarter and nine months of 2023 amounted to $0.7 billion and $1.5 billion, respectively, in contrast to $0.6 billion and $2.5 billion for the same periods in 2022. These proceeds include $0.5 billion from the sale of a 49 percent interest in a controlled affiliate holding certain midstream assets onshore in the United States.
As of the end of the third quarter, bp's net debt stood at $22.3 billion, compared to $23.7 billion at the close of the second quarter of 2023 and $22.0 billion at the end of the third quarter in 2022, indicating a stable financial position and prudent financial management.
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