2026년 2월 10일 · Unknown · financial · 출처 Yahoo Finance
STORY: BP has made a shift ahead of new CEO Meg O’Neill taking the helm in April. It paused its share buyback program and wrote down $4 billion in its renewables and biogas business. That's while it reported Tuesday (February 10) that quarterly profit was in line with forecasts at $1.54 billion, up 32% from a year earlier. The oil giant said it would invest the excess cash in oil and gas projects where it expects better returns.And it's looking towards a Brazilian oil field discovery, estimating it holds 8 billion barrels of liquids in place.This followed an ill-fated foray into renewables under Bernard Looney’s reign between 2020 and 2023. BP’s buyback halt to trim debt was a possibility analysts predicted in the industry, as oil and gas prices continue to stay low.Rival oil majors Shell and Exxon have held firm on buybacks - while Equinor slashed its program by 70%. BP repurchased shares worth $750 million in the last three months, data showed, and have bought back shares every quarter since 2021. Shares were down around 5% in morning trade.
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