BP to be first oil company to resume share buybacks

BP is to begin a share buyback programme, making it the first major European energy company to resume buybacks since the 2014 price slump in a sign years of austerity have paid off.

The British oil company, which recently reported a doubling in third-quarter profit, said the buyback programme had been authorised for between November 15 and the date of its 2018 AGM, with the maximum number of shares not exceeding 1.96 billion.