Markets
BP

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BP

Other Topics

Commodities

Latest Markets Videos

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More