BP boosts buybacks as profit soars to highest in over decade

LONDON: BP boosted its share buyback programme after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia.

BP's strong results show that soaring oil and gas prices in the wake of the Russian invasion of Ukraine on Feb. 24 offset losses it incurred from abruptly abandoning stakes in Russia, including its 19.75% stake in Rosneft.