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BP expands share buybacks as energy prices keep profits high

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BP has expanded its share buybacks after the oil major reported its second-highest annual profit in more than decade, as new chief executive Murray Auchincloss attempts to keep investors on side.

The results are the first since former chief financial officer Auchincloss was confirmed as BP’s chief executive in January, four months after his predecessor Bernard Looney resigned for failing to fully disclose past relationships with company colleagues

BP made underlying profits of $3bn in the final three months of the year, exceeding analyst estimates of $2.8bn, and taking earnings for 2023 to $13.8bn.

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Although down by half from the record of $27.7bn set in 2022, when soaring fossil fuel prices delivered bumper profits across the industry, BP’s earnings in 2023 were the second-highest since 2012.

BP shares opened up 5 per cent in London on Tuesday.

Auchincloss has pledged to stick with the strategy, spearheaded by Looney, to transform BP from an oil and gas producer into an integrated energy provider by cutting fossil fuel production and investing in green technologies. 

The Canadian executive on Tuesday said that BP’s destination was unchanged but sought to emphasise that BP would get there as a “simpler, more focused and higher-value company”.

Since taking over at rival Shell last year, chief executive Wael Sawan has also sought to simplify Shell’s business. Both companies are trying to close a yawning valuation gap with US rivals by demonstrating that they can continue to generate healthy profits even as they invest in green energy.

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BP on Tuesday left its dividend unchanged and announced $1.75bn in share buybacks. BP, like most of its rivals, has used bumper profits from the past two years to embark on a huge share repurchasing scheme.

The company outlined a commitment to buy back $3.5bn in shares during the first half of the year and at least $14bn in stock over 2024 and 2025.

BP also narrowed its spending guidance, announcing planned capital expenditure of about $16bn in both 2024 and 2025, compared with a previous target of $14bn-$18bn a year.

While BP’s transformation plan has won the support of some shareholders and many employees, it is yet to fully convince investors. BP has trailed behind its main rivals in terms of total returns to shareholders over the past four years. 

In October, activist investor Bluebell Capital Partners wrote to Auchincloss and to chair Helge Lund, calling on the board to ditch a commitment to cut oil and gas output as well as other key parts of the strategy, the Financial Times reported last week.

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BP’s net debt fell to $20.9bn, the lowest level in a decade, down from $23.7bn at the end of June.

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

new video loaded: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

We’re working diligently to ensure no one leaves the security in an unsecured way at an inappropriate time. No one who poses a risk to public health is walking out the front door of the streets of Omaha or beyond.

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Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

By Axel Boada

May 11, 2026

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

The man charged with attempting to assassinate President Donald Trump at the White House Correspondents’ Association dinner last month pleaded not guilty at a Monday arraignment in federal court.

Cole Tomas Allen, 31, wearing an orange shirt and trousers, was handcuffed and shackled as he was brought into the courtroom in Washington, D.C., federal court. His handcuffs were attached to a chain around his waist, which clanked as he was led to the defense table.

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Speaking on behalf of Allen, federal public defender Tezira Abe said her client “pleads not guilty to all four counts as charged,” including attempting to assassinate the president of the United States, in connection with the April 25 incident at the Washington Hilton hotel.

Assistant U.S. Attorney Charles Jones advised the court that they plan to start producing their first tranche of discovery to the defense by the end of the week.

Officials said Allen, a California teacher and engineer, was armed with multiple guns, as well as knives, when he sprinted through a security checkpoint near the event where Trump and other White House officials had gathered with journalists.

He was arrested after an exchange of gunfire with a U.S. Secret Service officer who fired at him multiple times, a criminal complaint said. Allen was not shot during the exchange. The officer, who was wearing a ballistic vest, was shot once in the chest, treated at a hospital and released.

Trump and top members of his Cabinet and Congress were quickly evacuated from the room as others ducked under tables.

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Allen was initially charged with attempting to assassinate the president, transportation of a firearm and ammunition through interstate commerce with intent to commit a felony, and discharge of a firearm during a crime of violence. On Tuesday, a federal grand jury indicted him on a new charge in the shooting of a Secret Service agent.

Moments before the attack, Allen had sent his family members a note apologizing and criticizing Trump without mentioning the president by name, according to a transcript of some of his writings provided to NBC News by a senior administration official. Allen also wrote that “administration officials (not including Mr. Patel)” were “targets.”

He also appeared to have taken a selfie in his hotel room. Prosecutors said Allen, who was dressed in a black button-down shirt and black pants, was “wearing a small leather bag consistent in appearance with the ammunition-filled bag later recovered from his person,” as well as a shoulder holster, a sheathed knife, pliers and wire cutters.

Officials have said they believe Allen had traveled by train from California to Washington, D.C., before checking into the hotel.

Allen’s sister, Avriana Allen, told law enforcement that her brother would make radical comments and constantly referenced a plan to fix the world, but said their parents were unaware that he had firearms in the home and that he would regularly train at shooting ranges.

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Records show that he had purchased a Maverick 12-gauge shotgun in August 2025 and an Armscor Precision .38 semiautomatic pistol in October 2023.

After his arrest, Allen told the FBI that he did not expect to survive the incident, according to Assistant U.S. Attorney Jocelyn Ballantine. He was briefly placed on suicide watch at the Washington, D.C., jail, where he’s being held.

Allen is expected to appear in court for a June 29 hearing.

At Monday’s arraignment, his legal team said they plan on asking for the “entire office” of the U.S. attorney for the District of Columbia to be recused because of U.S. Attorney Jeanine Pirro’s apparent involvement in the case in a “supervisory role.” Federal public defender Eugene Ohm said some of the evidence they receive from the government will further inform that decision.

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Maps: Earthquakes Shake Southern California

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Maps: Earthquakes Shake Southern California

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Shake intensity

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Pop. density

Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown.  All times on the map are Pacific time. The New York Times

A cluster of earthquakes have struck near the U.S.-Mexico border, including ones with a 4.5 and 4.7 magnitude, according to the United States Geological Survey.

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As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Aftershocks detected

Subsequent quakes have been reported in the same area. Such temblors are typically aftershocks caused by minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

Quakes and aftershocks within 100 miles

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Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

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When quakes and aftershocks occurred

 All times are Pacific time. The New York Times

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Sources: United States Geological Survey (epicenter, aftershocks, shake intensity); LandScan via Oak Ridge National Laboratory (population density) | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Saturday, May 9 at 11:55 p.m. Eastern. Aftershocks data is as of Sunday, May 10 at 11:54 p.m. Eastern.

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