BP, which is seeking to transform its business to a lower-carbon future, said it will launch a $500 million share buyback program in the second quarter as it confirmed it had reached its target of reducing net debt to below $35 billion earlier than expected. Its net debt fell to $33.3 billion at the end of March against $38.9 billion at the end of 2020 on a combination of asset sales and firmer oil prices. "With the acceleration of divestment proceeds, together with strong business performance and the recovery in the price environment, we generated strong cash flow and delivered on our net debt target around a year early," Chief Executive Bernard Looney said. BP also announced a dividend of 5.25 cents a share for the first quarter, which is in line with the previous quarter's payout but half that seen a year earlier.