The oil major moved to shore up its finances as it pivots back to fossil fuels.

An agreement has not been reached nearly one week after the union announced it was prepared for a strike or lockout at the Whiting refinery.

The move comes ahead of new CEO arrival.

BP suspended its buyback program to prioritize deleveraging, targeting net debt reduction from $22B to $14–$18B by 2027. Click to read why BP is a Strong Sell.

BP said it was halting stock buybacks as the oil and gas giant said it wanted to rebuild its balance sheet.

BP is upgraded to Buy, driven by a strategic pivot to value, high-margin hydrocarbon production, and disciplined capital allocation. Click for more on BP stock.

By buying back its own shares, a company can sometimes boost its stock price because each share represents a larger stake in the business. But Howle said BP will retire its guidance of giving 30 percent to 40 percent of BP’s operating cash flow to shareholders.

The United Steelworkers Union announced on Thursday that its workers should prepare for a strike or lockout at the BP Whiting refinery.

The feds are looking to streamline Restore Act funding and get Deepwater oil spill victims the BP fine dollars they're owed.