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The company plans $500m of share buybacks in the second quarter which, alongside our resilient dividend, support the growth in distributions to shareholders , Mr Looney said.
BP generated around $11bn of cash inflow in the first quarter, and intends to distribute 60 per cent of $1.7bn surplus cash flow this year to shareholders through buybacks, subject to maintaining a strong investment grade credit rating. The remaining 40 per cent is being used to strengthen the company s balance sheet. The company attributed the rise in quarterly income to an exceptional gas marketing and trading performance, significantly higher oil prices and higher refining margins .