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Oil Majors Find Their Way Back to Normality as Earnings Surge

  • BP starts share buyback, doubles profit and boosts cash flow
  • Majors are covering dividends with cash flow at $50 oil

Photographer: Andrey Rudakov/Bloomberg

Oil supermajors are getting back to their normal way of life after surviving a price slump that shook the foundations of their business. 

BP Plc gave the boldest signal yet that the worst of the downturn was over, announcing on Tuesday that it would buy back shares for the first time in three years. After posting third-quarter earnings that comfortably beat estimates, shares of the London-based company surged to the highest since 2014, joining its closest peer Royal Dutch Shell Plc at a level not seen since the infamous OPEC meeting that triggered price collapse.