Last checked at 7 Feb 2023 10:06
BP p.l.c.
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Share Repurchases
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7 February 2023
BP p.l.c. (the "Company") announces that it is to commence two share buyback programmes to repurchase ordinary shares in the capital of the Company.
The purpose of the first share buyback programme is to reduce the issued share capital of the Company towards distributing 60% of surplus cash flow[1] generated in 2022 as announced by the Company on 7 February 2023.
The maximum amount allocated to the first share buyback programme is around $2.75 billion for a period up to and including 28 April 2023.
The purpose of the second share buyback programme is to reduce the issued share capital of the Company to offset expected full year dilution from the vesting of awards under employee share schemes in 2023 as announced by the Company on 27 April 2021.
The maximum amount allocated to the second share buyback programme is around $0.675 billion for a period up to and including 30 September 2023.
Both share buyback programmes 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 2022 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 32 and 40 of the Company's earlier fourth quarter and full year 2022 financial results announcement on 7 February 2023 for further details.