Last checked at 1 Aug 2023 07:31
BP p.l.c.
----------------------
Share Repurchases
----------------------
1 August 2023
BP p.l.c. (the "Company") announces that it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company (the "Programme").
The purpose of the Programme is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow[1] generated in 2023 as announced by the Company on 1 August 2023.
The maximum amount allocated to the Programme is around $1.5 billion for a period up to and including 27 October 2023.
The Programme will be carried out on the London Stock Exchange and/or Cboe (UK) and will be effected within certain pre-set parameters.
Any purchases of ordinary shares by the Company in relation to this announcement will be conducted in accordance with the Company's general authority to repurchase shares granted by its shareholders at the Company's 2023 Annual General Meeting and any further approvals to repurchase shares as may be granted by its shareholders from time to time, the Market Abuse Regulation 596/2014 as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the Listing Rules.
Further enquiries:
bp Investor Relations +44(0) 207 496 4000
[1] Surplus cash flow is a non-GAAP measure and refers to the net surplus of sources of cash over uses of cash. See pages 31 and 39 of the Company's earlier first quarter financial results announcement on 1 August 2023 for further details.