REG - BP PLC - Share Repurchases

BPAnnouncement

06/02/2024 09:00

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RNS Number : 1740C  BP PLC  06 February 2024

BP p.l.c.

 

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Share Repurchases

 

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6 February 2024

 

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 6 February 2024.

 

The maximum amount allocated to the Programme is around $1.75 billion for a
period up to and including 3 May 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  (#_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 29 and 39 of the
Company's earlier fourth quarter 2023 financial results announcement on 6
February 2024 for further details.

 

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