BP Is Running on Empty As Energy Giant Scraps Buyback Program ...Middle East

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BP Is Running on Empty As Energy Giant Scraps Buyback Program
source : OILPRICE ( Middle East ) () 88
Once-dominant energy giant BP is running on empty as it curbs shareholder payouts and unveils fresh attempts to bolster its balance sheet. The London-based oil baron announced in its final results on Tuesday that it has suspended its share buyback programme and increased its cost-cutting goal as it looks to reverse its fortunes in the next financial year. The company said the decision was taken to allow it to increase investment into its oil production business and “fully allocate excess cash” to its balance sheet. The group also increased…

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