Market Chatter: BP to Return $8 Bln to Shareholders from TNK-BP Sale: Report
BP plc ( BP ) announced on Friday an $8 billion share buy-back program, acting swiftly on its promise to reward investors after it sold its stake in its Russian unit, TNK-BP, Reuters reported.
BP, which completed the sale of the half-owned TNK-BP to Russian state oil firm Rosneft on Thursday, reportedly said that the move, designed to increase the value of remaining shares, was an amount equivalent to the value of the company's original investment in TNK-BP in 2003. The British company had already flagged that it planned to distribute to shareholders some of the $12.48 billion it netted from the Russian sale, first announced last October.
BP was up 3% to $42.21 in pre-market trade.