BP PLC Share Repurchases (8500R)
October 31 2023 - 4:03AM
UK Regulatory
TIDMBP.
RNS Number : 8500R
BP PLC
31 October 2023
BP p.l.c.
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Share Repurchases
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31 October 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 31
October 2023.
T he maximum amount allocated to the Programme is around $1.5
billion for a period up to and including 2 February 2024.
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 28 and
35 of the Company's earlier third quarter financial results
announcement on 31 October 2023 for further details.
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END
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