Reported 29 days ago
BP Plc is contemplating a reduction in its share buybacks next year, currently at a quarterly pace of $1.75 billion, as weaker oil prices are leading to increased debt, which rose by $1.7 billion to $24.27 billion in Q3. Despite maintaining its buyback strategy for the time being, CEO Murray Auchincloss emphasized the variability of buybacks depending on performance and market conditions, hinting at a review in February 2025. The company's overall financial outlook remains cautious, with expectations of low fuel margins and a commitment to transitioning towards greener energy.
Source: YAHOO