BP Is Placing Balance Sheet Repair Above Share Buybacks

BP Plc’s two top executives said they are prioritizing balance-sheet repair over reinstating share repurchases, even after energy market turmoil driven by the Iran war led to a surge in profits.

The London-based energy giant will pay down debt and reduce its perpetual hybrid bonds in an attempt to improve its finances, Chief Financial Officer Kate Thomson said in a phone interview alongside new Chief Executive Officer Meg O’Neill.