- BP to start $500m buyback programme in coming weeks
- Profits soar in March quarter
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.