Commodities
BP Maintains Share Buybacks as Cash Flow Drops, Debt Rises
- Company will repurchase $3.5 billion of shares in first half
- CEO sets cash cost-saving goal of $2 billion by end of 2026
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BP Plc maintained the pace of its share buybacks even as first-quarter profit and cash flow fell by more than expected and net debt increased.
The result marks the end of a mixed set of Big Oil earnings which saw Shell Plc, TotalEnergies SE and Chevron Corp. do better than expected, while Exxon Mobil Corp.’s profit fell short. All of the companies kept their focus on returning cash to shareholders, and BP pledged to repurchase $3.5 billion of shares in the first half of the year, matching the pace of prior quarters.