Portual’s Galp is the latest oil major to announce a share buyback programme after recording strong earnings in 2022.

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The company annouced a €500 million ($533 million) buyback programme to be carried out this year after reporting an increase in earnings in 2022 propelled by high energy prices.

Galp posted a 70% growth in earnings before interest and tax for the 2022 full-year to €2.35