BP Stock Drops 5% as Company Suspends Share Buyback Program

TLDR BP suspended share buybacks to strengthen its balance sheet as oil prices remain under pressure from oversupply concerns. The British energy company reported Q4 profit of $1.54 billion, matching forecasts but down from $2.21 billion in Q3. Shares fell 5.4% in London trading after the buyback suspension announcement, with U.S. shares down 6% pre-market. [...]

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