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BP lures investors with share buybacks after trading windfall

British oil major BP attempts to woo shareholders that have otherwise shunned the company since it halved its dividend last year.

Photo: Ben Stansall/AFP/Ritzau Scanpix

BP Plc set out to win back shareholders after a difficult year, saying it will begin share buybacks after "exceptional" natural gas trading buoyed earnings.

The gesture, which was flagged earlier this month, is aimed at investors who have shown little love for the company since it cut its dividend by half last year. After lagging its European peers for much of 2020, BP re-jigged its priorities to put boosting shareholder returns ahead of other goals.

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