BP has decided not to pay any further dividends this year.

BP suspends dividends

UPDATE 2:50 p.m. ET: BP's board says in a statement that the dividend suspension is not long-term:

The Board remains strongly committed to the payment of future dividends and delivering long term value to shareholders. The Board will consider resumption of dividend payments in 2011 at the time of issuance of the fourth quarter 2010 results, by which time it expects to have a clearer picture of the longer term impact of the Deepwater Horizon incident.

_____

BP Chairman Carl-Henric Svanberg is talking to reporters outside the White House after President Obama's remarks and just disclosed that BP's board has voted to suspend dividend payments to its shareholders. And he issued an apology "to the American people on behalf of all the employees of BP."

We have agreed today with the president a framework that should assure the American people that we mean what we say. We will look after the people affected, and we will repair the damage to this region — the environmental damage to this region and economy. ...

We made it clear to the president that words are not enough.


Im hoping they do keep there word, and not just say what the people want to hear.

It's time they start showing it, instead of just saying.

BP suspends dividends

"From the outset we have said that we fully accepted our obligations as a responsible party," CEO Tony Hayward said in a statement. "This agreement reaffirms our commitment to do the right thing."


Canceling that dividend will help the company raise money for the fund. BP also said Wednesday it plans to raise $10 billion over the next year by cutting back on capital spending and selling some oil production assets.

Source

This article also mentioned that the $20Billion will be distrubuted within 4 years.

Oops! ignore this. But have a flag!

-E-

[edit on 16-6-2010 by MysterE]

well that statement ought to have investors
lining up at the sell window for sure.
That will drive the price of BP stock
down under $25.00 a share. Now it's
set for the hostile take-over.
Watch to see WHO buys it !!!!!
That will clue you to who else
is involved in the main conspiracy.

Originally posted by boondock-saint
well that statement ought to have investors
lining up at the sell window for sure.
That will drive the price of BP stock
down under $25.00 a share. Now it's
set for the hostile take-over.
Watch to see WHO buys it !!!!!
That will clue you to who else
is involved in the main conspiracy.

Any guesses if it does, or when it does? Im going to be watching for that.
It should be interesting.

As it should be.

Not long term? Define long term. If they survive the cost of this mess, I'll be surprised. And actually, stockholders and corporations need to know that this kind of event is a known risk of doing business and investing in a business. Their stockholders may stick with them...or they may not.

Seems some already sold their shares ahead of the disaster from what I've been reading. And yes, it will be interesting to see who buys.

Remember, no business is too big or too above it all to fail. Seems we've been forgetting that here lately.

[edit on 16-6-2010 by ~Lucidity]

Who's responsible ?

Not BP not Obama just WE ARE!!

All of us !!

Who drives cars, boats, planes and who likes to have it warm in the winter and cold in the summer!

WE DO !!!!!!!!!!

If you don't get this pfffffffff

Shell oil didn't DO any better then BP

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