November 15, 2017 / 8:48 AM / in a month

BP begins share buybacks as years of austerity pay off

Nov 15 (Reuters) - BP Plc on Wednesday said it would 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 Nov. 15 until the date of its 2018 annual general meeting, with the maximum number of shares not exceeding 1.96 billion. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely)

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