bp boosts buybacks after exceptional performance

bp said on Tuesday that it has increased its buybacks by $2.5 billion as cash flow increased despite discomfort caused by a $24 billion writedown linked to its planned exit from Russia.

“In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, BP’s focus has been on supplying the reliable energy our customers need,” Bernard Looney, Chief Executive Officer, said in a statement on Tuesday. “Our decision in February to exit our shareholding in Rosneft resulted in the material non-cash charges.”

bp’s first-quarter adjusted net income is $6.25 billion. However, the company has made a loss of $29.29 billion, which is largely due to its  decision to exit its stake of about 20 percent in Russia’s  oil giant Rosneft.

The company has also said it intends to invest up to £18 billion in the UK’s energy system by the end of 2030, helping the country to deliver its ambitions to boost energy security and reach net zero.