BP's $5bn for share buyback
13 April 2012
LORD BROWNE, the chief executive of BP, will tomorrow announce that the company is to push forward with its huge share buyback programme in a bid to boost the oil group‘s share price, the Sunday Times reports.
BP, one of Britain‘s largest companies, has already spent $1.25bn (£690m) on buying back its shares; that figure could rise to $5bn by the end of the year — as much as the company spent on buybacks in the past three years combined.
Browne will tell investors attending a meeting in London tomorrow that the company will press ahead with its share buyback programme as long as oil prices remain above $20 a barrel.
BP declined to comment.
