BP’s $8 Billion Share Buyback Program Leaves Investors Cold
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BP Plc Chief Executive Officer Bob Dudley came under pressure from investors to boost the share price at today’s annual general meeting.
While Dudley surprised analysts in March by announcing an $8 billion buyback, the stock price has remained little changed since and a shareholder today asked Dudley if the move would add value. The U.K.’s second-largest oil producer has spent $300 million on shares this year and expects the program of repurchases to take about 18 months.