BP plans buyback in attempt to boost flagging share price

Oil giant BP is planning to spend up to £3.7bn in a share buyback, in an attempt to breathe new life into its flagging share price, according to reports.

The Sunday Times reports the oil-major is preparing to launch a share buyback early next year, as part of an attempt to repair the its damaged reputation following the disastrous Gulf of Mexico oil spill two years ago, and its troubled contractual negotiations with Russia. BP's shares are up around 2.7% today at 427p, but remain well below the high of 651p seen prior to the Gulf of Mexico disaster, which led to a spectacular dive in value to 305p. Shares rose today alongside a buoyant market which was up over 1%. Last week BP paid £2.8bn ($4.5bn) to settle US criminal charges from ...