Net proceeds will be used to fund the repurchase of its 2017 senior notes and repay a portion of the outstanding balance under its credit facility.

Following the divestiture of the company’s West Texas properties, the board of directors initiated a quarterly dividend program and approved a share repurchase plan.

If all outstanding notes are surrendered for repurchase, the aggregate cash repurchase price will be US $68.3 million.

The repurchases will be made from time-to-time on the open market at prevailing market prices.

The program is in addition to the US $200 million share repurchase program approved by the board of directors in July 2012.

The program will offset dilution created by the issuance of shares for the company's scrip dividend program.

The buyback is expected to return an amount equivalent to the value of the company’s original investment in TNK-BP to BP shareholders.

London-based Royal Dutch Shell Plc announces buyback of shares.

London-based Royal Dutch Shell Plc announces buyback of shares.

London-based Royal Dutch Shell Plc announces buyback of shares.