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BP Signals Confidence With Share Buyback as Profit Jumps

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The company, which doubled third-quarter earnings from a year earlier on robust refining margins and rising production, also pared net debt for the first time in two years. The decision to initiate buybacks, which may cost as much as $400 million a quarter, underscores BP’s improving fortunes after seven tough years dominated first by the costly Macondo oil spill, then a collapse in crude prices.

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