Still Not Enough…….BP Suspends Dividends, Sets Aside $20B to Pay Damages
Posted By thestatedtruth.com on June 16, 2010
Jun 16, 2010
Oil giant BP (BP) said Wednesday it agreed to set aside $20 billion as part of its commitments to compensate victims of the Gulf oil spill. BP will initially make payments of $3 billion in the 3rd’Q and $2 billion in the 4th’Q. These will be followed by a payment of $1.25 billion per quarter until a total of $20 billion has been paid in, the company said. BP Chairman Carl-Henric Svanberg made the announcement Wednesday after emerging from the White House where he and other BP execs met for several hours with President Obama.
Svanberg said the meeting with Obama was constructive. MW: “He’s frustrated because he cares about the small people….We care about the small people,†Svanberg said.
BP also said it would cancel $7.5 billion in dividend payments this year. The co. noted however, that its board of directors will consider resumption of dividend payments in 2011 at the time of issuance of the fourth quarter 2010 results.
http://wallstreetpit.com/32037-bp-suspends-dividends-sets-aside-20b-to-pay-damages
Comments