LONDON (AP) — Energy company BP says it will be returning around half a billion dollars to shareholders after “significantly” higher oil prices contributed to a big rise in profits and a reduction in debt levels. The company said Tuesday that its underlying replacement cost profit spiked to $2.6 billion in the first three months of 2021 from $791 million a year earlier. BP also saw its debt levels fall below $35 billion sooner than anticipated and said it will launch a $500 million share buyback program in the second quarter. BP’s share price rose 2% in early trading in London.
