Olivia Rosane is a staff writer for Common Dreams.
Oil major BP has paid out $27.4 billion to shareholders since Russia invaded Ukraine in February 2022, Global Witness found in an analysis published Tuesday. The environmental justice group released its calculations one day after BP announced its profits for the first quarter of 2024: The company made a total of $2.7 billion and spent $1.75 billion—more than half that amount—on share buybacks.
Another speculated that BP's rumored change in strategy was 'partly a response to market pricing' as higher interest rates made renewable energy projects more expensive while the Ukraine war raised oil prices. In a recent letter to BP's board, activist shareholder Bluebell Capital Partners said that if the company was planning to raise production, as it had suggested privately to shareholders, then that 'should be reflected in BP's official communication and targets.
Climate Emergency Fossil Fuels Global Witness Oil Oxfam Stock Buybacks Ukraine War War Profiteering British Petroleum (Bp)
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