BP would suspend its dividend
June 10, 2010
"We are resigned to the fact that there may be a suspension of the dividend," said Tony Shepard, an analyst at Charles Stanley, quoted by Reuters. After many setbacks experienced by BP for almost two months and the explosion of the drilling platform, the oil group could suspend payment of its dividend. Anticipation about 4:45 p.m. that caused a fall of 5.83% of BP's share price at the London Stock Exchange, while the British FTSE gained 0.34% and 0.73% décait sector index.
On Friday, BP has reaffirmed its intention to announce to its shareholders on July 27 the amount of its interim dividend by way of the second quarter. Dividends paid by the group representing some 10.5 billion dollars (8.7 billion euros) per year.
Yet another bad news for the oil group urged by the U.S. authorities unveiled by 72 hours its plans to stop the leak.
"BP must state its plans for its parallel initiatives ongoing and alternative oil recovery, including establishing a timetable within 72 hours after receipt of this letter," says the letter from the admiral-cons Coastguard James Watson chief operating officer of BP, Doug Suttles, and dated Tuesday.
This document responds to statements by U.S. President, Barack Obama, who said Tuesday wanting to "kick butt" of those responsible for the catastrophe of the spills.
With the installation of a funnel, BP has accelerated since last week the recovery of oil leaking from the wells to 1,500 meters below the surface of the water for more than seven weeks.But the water continues to move towards the U.S. coast and crude oil continues to flow.
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