1. BP Plc, Europe's second-largest oil company, is spending more on stock buybacks than its European peers to prop up its share price and return wealth to shareholders spending $2.5 billion last quarter and $15.5 billion last year. It defended the policy against protests for more dividends instead by arguing that it wasn't possible to estimate how much further BP stock would have fallen last year without support from buybacks. In contrast, rival Shell hasn't spent any money on buybacks since Feb. 1 because they haven't boosted Shell's stock enough.
2. BP will immediately appeal the court ruling to publicly release an internal study that blames specific managers at the plant for the explosion at the Texas City, Texas, refinery in March 2005, which killed 15 workers.
When everything else fails .... try financial engineering
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