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Whopping BP Dividend Payment Approved

3 years ago
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Shareholders of BP breathed a partial sigh of relief on Tuesday at the news that the embattled oil company will pay out $2.63 billion in dividends for the first quarter of 2010. The bad news for BP investors? Rising political pressure and public outrage are making a second quarter payout far from certain.

Despite mounting clean up costs for the Gulf oil spill, and a plummeting stock value, the company says it is on track to pay nearly $10.5 billion in dividends to its shareholders in 2010. That figure is slightly higher than the $10 billion it paid out in 2008 and 2009.

In Washington, members of Congress, including New York Senator Charles Schumer, had urged BP to forego paying out a dividend until the company figured out a way to stop the oil from flowing at its ill-fated Deepwater Horizon well, and fully paid for all necessary clean up.

President Obama himself weighed in on the dividend question last week when he visited the Gulf region.


The matter of dividends will almost certainly come up when Tony Hayward, BP's CEO, testifies before the House Energy and Commerce Committee on Thursday, June 17.
Filed Under: Surge Desk

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