BP to Buy Back $8 Billion of Shares With TNK-BP Sale Cash

BP to Buy Back $8 Billion of Shares With TNK-BP Sale Cash

Andrey Rudakov/Bloomberg

TNK-BP, which accounted for about a quarter of BP’s output and a fifth of its reserves, paid the company $19 billion in dividends since it was formed in 2003. BP’s initial investment in the venture was $8 billion.