London Times: BP to Defer Dividend Payments

Friday, 11 Jun 2010 01:03 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
BP is bracing to defer dividend payments to stockholders because of pressure from the Obama administration over the disastrous Gulf of Mexico oil spill, The Times of London reports it has learned, although the petroleum giant’s CEO has balked at confirming such an idea.

BP board members are discussing delaying the $2.5 billion second-quarter payout, which was to be announced on July 27, until the largest environmental disaster in U.S. history is brought under control, The Times said in an exclusive report today.

The same plan, which could be approved next month, could apply to subsequent quarterly payments until what once was Britain’s largest company is on firmer ground, The Times quote people familiar with the situation as saying.

Meanwhile, BP Chief Executive Tony Hayward told The Wall Street Journal, “We are considering all options on the dividend. But no decision has been made."

Such statements don't sit well with Gulf Coast residents and politicians nationlly and locally. In fact, Politico reported that House Speaker Nancy Pelosi emerged from a meeting with President Obama and other official about the spill demanding that BP halt its dividends.

“I’m saying that they should not be paying dividends until they make these people whole and make a better effort to do it in a timely fashion,” Politico quoted Pelosi as telling reporters after the meeting. “These people are coming to us and saying ‘I have to take out a loan,’ . . . which I can ill-afford to repay because BP is not, you know, is not paying. BP has the money, it made $17 billion last year."

To read the full story of The Times of London — Go Here Now.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Immigration Advocates Push Obama to Increase Green Cards

Wednesday, 27 Aug 2014 19:17 PM

Proposals from immigration advocates and business groups that would grant green cards to hundreds of thousands of illega . . .

Obama Crafting Legal Rationale for Sweeping Legalization Action

Wednesday, 27 Aug 2014 18:21 PM

The White House is crafting a blame-it-on-Congress legal justification to back up President Barack Obama's impending exe . . .

Netanyahu Hits Back at Israeli Critics of Gaza Truce With Hamas

Wednesday, 27 Aug 2014 18:18 PM

Prime Minister Benjamin Netanyahu hit back at critics of his truce with Hamas in Gaza, describing it as a political and  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved