BP Launches $3.5B Share Buyback As Profits Hit 14-Year High

By Dawood Fakhir (August 2, 2022, 1:59 PM BST) -- BP announced a $3.5 billion share buyback program on Tuesday as the energy giant reported profits of $8.45 billion for the second quarter, its highest for 14 years — triple the amount it made in the same period last year.

The British oil and gas giant said the buyback program will enable it to give money back to its investors by using 60% of the excess cash generated during 2021 and the first half of this year. The company said it will use the remaining 40% to strengthen its balance sheet.

BP, which reported profits of $2.8 billion in the corresponding...

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