BP is reducing its cost base to survive in a world of lower oil prices.
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...
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