BP today confirmed it had allotted 53,270,315 ordinary shares at $0.25 each to shareholders who elected to receive ordinary shares under the Scrip Dividend Programme as an alternative for the third quarter interim dividend for 2017.
Following the issue of the above shares, the number of ordinary shares in issue will be 21,292,590,423 of which 1,473,435,867 are held as treasury shares leaving a balance of 19,819,154,556 ordinary shares with voting rights.
Application has been made to the Financial Conduct Authority for the shares to be admitted to the Official List and to the London Stock Exchange for the shares to be admitted to trading.
Dealings in the shares are expected to begin on December 21.
The issue comes after BP recorded a third quarter profit of $1.9billion, up from the previous quarter’s $684million.
The oil major has decreased its breakeven price from $60 per barrel at the beginning of the year to $49 per barrel. The decrease in line with the 14% increase in Brent prices over the past year. The company currently has a gearing of 28.4% with a debt total of $39.7billion.
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