London May 4 2022: British Petroleum gains 5.8% or Pound 22.78 to close the trading session at 414.25 at London Stock Exchange on announcement of Share Buyback Program despite posting loss of over twenty billion dollars.
BP p.l.c. (the “Company“) announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the “Programme“).
The purpose of the Programme is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow generated in 2022 as announced by the Company on 3 May 2022.
The maximum amount allocated to the Programme is around $2.5 billion for a period up to and including 1 August 2022.
The Programme will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.
Any purchases of ordinary shares by the Company in relation to this announcement will be conducted in accordance with the Company’s general authority to repurchase shares granted by its shareholders at the Company’s 2021 Annual General Meeting and any further approvals to repurchase shares as may be granted by its shareholders from time to time, the Market Abuse Regulation 596/2014 as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the Listing Rules.
