BP Board to Discuss Dividends on Monday

BBC ^ | June 11, 2010

[bboop]

BP directors will meet on Monday to discuss whether to suspend dividends to shareholders, the BBC has learned.

Executives will then meet with US President Barack Obama on Wednesday, but no announcement on the payments is expected in the near future.

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.

Meanwhile, BP's shares closed up 7.2%, recovering losses suffered on Thursday.

"No announcement is expected for a while, but it is looking more likely that BP will cease paying the £1.8bn of dividends per quarter that it's been delivering to shareholders - until that is it can quantify the final massive bill for the Gulf of Mexico oil debacle and prove to the White House that it can afford those enormous costs," BBC business editor Robert Peston said.

Dividend options Pensions expert and former government adviser Ros Altmann told the BBC that if the company did cut its dividend it would be "a blow", but should not be taken "out of proportion".

[bboop]

I thought this said, earlier (posted on Drudge) that Obama had MADE BP not pay their dividend. It seems to have changed. Following in the footsteps of all the commies by nationalizing the oil companies?

If Obama causes BP to go out of business, who does he expect to fill the vacuum? Could be China? How'd you like to buy gas from CHINA?

Man, this man-child is a real piece of work.

[SandRat]

http://freedomslighthouse.net/2010/06/11/the-bp-coffee-spill-video/

[2ndDivisionVet]

I hope they stick a thumb in his eye and DOUBLE the standard dividend! Since when does an American politician have a right to tell a foreign corporation (or a US one, for that matter!) what they can or cannot do?!

[Michael.SF.]

whether to suspend dividends to shareholders, the BBC has learned.

Hmmmmmmm, considering the chart below, it would seem the answer is fairly obvious.

[Michael.SF.]

I thought this said, earlier (posted on Drudge) that Obama had MADE BP not pay their dividend

You are confusing a statement made by Pelosi earlier today.

[ex-snook]

Hey BP no problem. Stop the leak and fix the damage. With all the oil pouring out of this area you can resume dividends payments in no time at all.

[aviator]

Responsibility to shareholders is such an outmoded concept!!

[WLR]

BP could be likened to an Illegal alien who has caused the death and injury to Americans.. whose action have distroyed American property.. No judge would release someone who is a flight risk on their own recognizance..

Why should BP be allowed to Flee either? Their flight takes the form of the dissipation of assets.. to include the dividends of shareholders..

Look I do not buy this was an accident in the first place. For the timing of this event to occur with “Earth Day “? The ostensible opening of additional US oil fields for development which would be against the wishes of those currently in power.. All too coincidental..

Now we allow the shareholders to dodge the risks and liabilities?.. Something wrong with that..

Since we3 have not arrested the Company CEO and Directors..we certainly should arrest those assets within US Jurisdiction until the American people damaged and our environment are made whole.

Nothing to do with the Hammond N Chef here.. That is just a reasonable course of action.. Rigs preparing to ship out of our region.. If they belong to BP or any partners involved in this debacle place them into custody.. Arresting a Ship is a lawful act ..Happens all the time to ensure the payment of a debt. Why? because the asset can flee jurisdiction.

W

[bboop]

I am SO with you, Vet. It makes my stomach churn to think that Obama THINKS — yes, DARES — to think he controls BP. Who the heck does he think he is, interfering with another nation’s business? Interfering with the retirees who invest in BP so WE can have oil? Has he thought through the consequences?

What if they do go bankrupt and China buys it? That is really an awful possibility. What about Obama wants BP to pay the fishermen, but HE was the one who put the moratorium on them fishing? What about that Obama wants BP to pay for the oil folks who are out of work, but HE is responsible for that moratorium as well?

It is very chilling and very very much reminds me of the Commies in South America nationalizing the industries.

Punish BP? Accidents happen. Obama’s been partying down. Why should he get to BLAME BP? Would Bush have just pointed fingers? Naw, he would have gotten to work to try to solve a PROBLEM.

Ach, this President is SUCH AN IDIOT.