BP to Stick to Investment Plan Regardless of Oil Price, CEO Says
- Any surplus cash flow will go to buybacks, dividends
- Annual capex will range from $14 billion to $18 billion
This article is for subscribers only.
BP Plc will stick to its “disciplined” investment plan regardless of what happens to oil prices, said Chief Executive Officer Bernard Looney.
If the London-based company finds itself with any surplus cash because oil and gas prices rise, it will be used to pay off debt or boost returns to investors through higher dividends or share buybacks, Looney said in an interview with Bloomberg TV in New York.