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 2021 after having reached its net debt target of $35 billion as announced by the Company on 27th April 2021, 3rd August 2021 and 2nd November 2021.
Taking into account surplus cash flow generated in the first nine months of the year after having reached the net debt target of $35 billion, the maximum amount allocated to the Programme is around $1.25bn for a period up to and including 7th February 2022.
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 2021 Annual General Meeting, 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, after reaching the $35 billion net debt target. See pages 32 and 39 of the Company's earlier announcement on 2nd November 2021 for further details.
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