How BP’s Debt Position Compares

In this part, we’ll review whether BP’s (BP) debt position has improved. Let’s begin by comparing BP’s debt position with peers’. BP’s total debt-to-capital ratio was 38% in the first quarter, higher than its peers’ average of 33%. The peer average considers 13 integrated energy companies worldwide. ExxonMobil’s (XOM), Royal Dutch Shell’s (RDS.A), and Chevron’s (CVX) ratios stood at 17%, 33%, and 21%, respectively. BP’s net debt-to-adjusted EBITDA ratio was 1.4x in the first quarter, below the industry average of 1.6x.