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BP brings back buybacks

Oil and gas price strength, divestments and trading all contribute to energy giant hitting net debt goal and increasing shareholder payouts
BP brings back buybacks
  • BP to start $500m buyback programme in coming weeks 
  • Profits soar in March quarter 
IC TIP: Sell at 299p

Oil and gas major BP (BP.) will launch a share buyback programme after its first quarter profits surged on the back of the higher oil price. The company’s underlying replacement cost (RC) profit, its preferred profit measure, was $2.6bn (£1.9bn), compared with $115m in the December quarter and $791m a year ago. This was also well ahead of the consensus forecast of $1.5bn.

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