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BP Targets $40 Break-Even Oil Price to Reassure Investors

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BP Plc said it will need a crude price of about $40 a barrel in 2021 to cover spending and dividends, down from $60 this year, as Chief Executive Officer Bob Dudley seeks to reassure investors on the oil major’s growth outlook and finances.

The break-even level will fall as BP keeps capital spending at no more than $17 billion a year, the London-based company said Tuesday in a statement. The producer aims to raise output by 5 percent a year to 2021 and is targeting returns of more than 10 percent.

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