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

BP Plc will buy back $8 billion of shares from investors after completing the sale of 50 percent of Russian oil producer TNK-BP.

BP’s first buyback since 2008 will return the original amount invested in the venture 10 years ago, the London-based company said in a statement today. The sum is twice as much as Chief Financial Officer Brian Gilvary signaled last year would be enough to offset earnings per share lost from selling the stake in Russia’s third-largest producer.