‘Cash Machine’ BP Boosts Share Buyback as Profit Surges

‘Cash Machine’ BP Boosts Share Buyback as Profit Surges
BP's logo at a petrol station in Kloten, Switzerland on Oct. 3, 2017. Arnd Wiegmann/Reuters
Reuters
Updated:

LONDON—BP added more than a billion dollars to its share buyback programme on Tuesday as it likened itself to a “cash machine” benefiting from higher oil and gas prices and a strong trading performance in the third quarter.

Natural gas and power prices around the world surged this autumn as tight gas supplies collided with strong demand in economies recovering from the pandemic.