BP PLC

BP.: XLON (GBR)
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BP: Strategic Reset Is Step in the Right Direction, but Shareholder Returns to Suffer First

BP is reducing total annual capital spending as part of its strategic reset, with greater amounts going to oil and gas and less to low carbon. Divestments of $20 billion will fund debt reduction. However, its current quarterly repurchase rate falls to $0.75 billion-$1.0 billion from $1.75 billion.

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