Oil spill: BP plans to suspend shareholder dividend

Source: BBC

BP's directors plan to suspend the oil giant's dividend payment, the BBC has learned.

BBC business editor Robert Peston says that the directors are to meet on Monday to make a formal decision.

However, any formal announcement will not be made until after negotiations with the US president on Wednesday.

BP has been under intense pressure from the US government, which wants BP to use the money to pay for the Gulf of Mexico clean-up.




Read more: http://news.bbc.co.uk/2/hi/business/10291371.stm

:nopity:

:kick: & recommend.

Sad for the shareholders, who will get hosed if BP goes bankrupt or is "reorganized".

The shareholders should be glad all they're losing is their dividend, and not having to cough up the cost of the damages.

:nopity: is right.


Tansy Gold

:hi:

"Hey" is sourthern for "hi", you knew that.

I was thinking of ya in Arizona just this am, as beach after beach got oiled down here.

I've lost at times because of company screw ups including those I've worked for... While it's sad for shareholders and those relying on dividends, it's at risk and hurts when it falls, I sure know that feeling.

Yes, I think it's a definite win for Obama! I've heard some say we are being anti-British. To me that's a bunch of hyped BS. The problem is with BP, it would be the same if a wholly owned US company IMO. None of this is the Brits' fault.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4422932

They've also subsequently said that no final decision will be reached until late July which was what they'd said in the first place.

The article is discussing the NEXT dividend payment (one due late september). BP has clarified they are "considering" all options.

They are not required to file for Sept dividend until July and no final decisions will be made until then.

I wonder how many oil fields/reserves BP owns. That is the real valuation of a western oil company. I think in a few years, only Saudi Aramco and the other state-owned oil companies will have any value. Exxon will have refineries and stations--that's not where the money is.

When its acquisition goes through Exxon will be almost 50% natural gas.

Puts a whole different spin on things, doesn't it?

Then in late July if relief wells are almost done they can go "things are looking better and profits were up" we will issue Q2 dividend.

I commend those assholes.

Whenever people are harmed it's a reason for joy! Especially if they are evil people who save for retirement.

And if you are smart you will be diversified enough so that even if one company you own stock in goes BK, you will still be okay.

You have a few billion in a pension fund, you need to stash it somewhere.

Eh. Just let the pension fund go belly up and then the taxpayers can fund the pension payouts. Not just British pensioners, but things like state pensions. (Silly state employees, apparently, too foolish to properly diversify the pension they have little direct control over.)

:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

to the people of the Gulf area that were due before the dividends. The pensioners can have what is left after the bills are paid just like an heir.