Future Of British Business
BP Shares Soar as New CEO Woos Investors with Buybacks
- Company will repurchase $3.5 billion of shares in first half
- New CEO reiterates plan for transition to clean energy
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BP Plc surged to a two-month high after accelerating share buybacks, as the company’s new boss sought to woo investors that have been skeptical of its clean-energy strategy.
After fourth-quarter profit exceeded estimates, the London-based oil and gas major said it will repurchase $1.75 billion of shares each quarter in the first half of the year, compared with $1.5 billion in the prior three months. The company went even further to reassure shareholders, some of whom have criticized its low-carbon plans, saying it intends to maintain at least this pace of buybacks until the end of next year.