REG - BP PLC - Share Repurchases

BPAnnouncement

01/08/2023 07:45

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RNS Number : 8788H  BP PLC  01 August 2023

BP p.l.c.

 

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Share Repurchases

 

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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  (#_ftn1) 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  (#_ftnref1) 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.

 

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