BP Announces Share Buyback Program to Cover Scrip Dilution; Scrip Remains in Place
In a positive development, in its third-quarter earnings release, BP announced a share-repurchase program to cover the dilutive effect of its scrip starting in the fourth quarter of 2017. The announcement demonstrates the progress BP has made in reducing its break-even price to about $50/barrel for 2018. While the decision lacks the conviction of fully restoring the cash dividend, it does preserve flexibility in the event oil prices do not hold above $45/bbl, a level down to which management see...BP is an integrated oil and gas group based in the United Kingdom. Co. is engaged in the exploration and production of crude oil and natural gas; refining, marketing, supply and transportation; and the manufacture and marketing of petrochemicals. Co. operates globally, with business activities in Europe, the U.S., Canada, Russia, South America, Australasia, Asia and parts of Africa. Co. operates in two business segments: Exploration and Production - including oil and natural gas exploration and development and production; and Refining and Marketing- activities include the refining, manufacturing, supply and trading, marketing and transportation of crude oil, petroleum and petrochemicals.
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