BP PLC Share repurchases (3973H)
August 03 2021 - 3:10AM
UK Regulatory
TIDMBP.
RNS Number : 3973H
BP PLC
03 August 2021
BP p.l.c.
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Share Repurchases
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3(rd) August, 2021
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 27(th) April 2021 and
3(rd) August 2021.
Taking into account surplus cash flow generated in the first
half of the year after having reached the net debt target of $35
billion , t he maximum amount allocated to the Programme is around
$1.4bn for a period up to and including 1(st) November2021.
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 34 and 42 of the
Company's earlier announcement on 3(rd) August 2021 for further
details.
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