BP Halts Share Buybacks, Takes $4 Billion Hit in Renewables and Biogas as New CEO Prepares to Take Charge
BP has suspended its share repurchase programme and recorded roughly $4 billion in write-downs tied to its renewables and biogas operations as it prepares for a leadership transition. The company reported a fourth-quarter adjusted profit that matched market expectations and said it will redirect excess cash into oil and gas projects offering higher…