BP maintains $1.75bn quarterly share buybacks despite weak oil prices and rising net debt.

BP Plc is maintaining its quarterly share buybacks at $1.75 billion, despite facing weak oil prices and a rise in net debt to $24.27 billion, the highest since early 2022. The company's profits fell from $2.8 billion to $2.3 billion in recent quarters, prompting investor pressure for improved returns. CEO Murray Auchincloss may reconsider production cut targets to prioritize shareholder returns while navigating the energy transition.

October 29, 2024
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