BP plc reached its $35 billion net debt target during the first quarter, ahead of plan, and is looking to return some of the surplus cash flow to shareholders, CEO Bernard Looney said Tuesday.

The London-based operator by the end of March had received around $4.7 billion in proceeds from various global asset sales.

“This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” Looney said. The solid business performance was in part “driven by trading, the price environment and resilient operations.” 

On reaching the net debt target, management “is committed to returning at least 60% of surplus cash flow to shareholders by way of share buybacks,” as long as BP maintains a...