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BP Expands Buybacks After ‘Exceptional’ Trading Performance

  • Accounting charge of $25.5 billion is taken on Russia exit
  • Firm pledges major investments in U.K. energy production
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WATCH: CEO Bernard Looney discusses BP’s earnings beat, trading performance and buybacks.Source: Bloomberg
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BP Plc boosted its share buybacks by $2.5 billion as cash flow surged, offsetting some of the discomfort caused by a $25.5 billion charge linked to its planned exit from Russia.

The company comfortably surpassed analysts’ expectations after an “exceptional” first quarter for its oil and gas trading business. Other commodities traders from Bunge Ltd. to Glencore Plc have also posted stronger profits, aided by the unprecedented volatility caused by the war.