BP boosts buybacks as profit soars to highest in over decade - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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BP boosted its share buyback program after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia.

Soaring oil and gas prices in the wake of the Russian invasion of Ukraine on February 24 easily offset losses BP incurred from abruptly abandoning its shareholdings in Russia, including its 19.75% stake in oil giant Rosneft.

The company, which also halted trading Russian oil, said the exit from Russia, which had contributed 3% of the company’s cash flow last year, would not affect its plan to shift away from oil and gas towards renewables. The exit “has not changed our strategy, our financial frame, or our expectations for shareholder distributions,” Chief Executive Bernard Looney said.

 

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