Hot on HuffPost:

See More Stories

Whopping BP Dividend Payment Approved

5 years ago
Add Comment Say Something  »
Print Text Size
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

Our New Approach to Comments

In an effort to encourage the same level of civil dialogue among Politics Daily’s readers that we expect of our writers – a “civilogue,” to use the term coined by PD’s Jeffrey Weiss – we are requiring commenters to use their AOL or AIM screen names to submit a comment, and we are reading all comments before publishing them. Personal attacks (on writers, other readers, Nancy Pelosi, George W. Bush, or anyone at all) and comments that are not productive additions to the conversation will not be published, period, to make room for a discussion among those with ideas to kick around. Please read our Help and Feedback section for more info.

Add a Comment

*0 / 3000 Character Maximum Comment Moderation Enabled. Your comment will appear after it is cleared by an editor.

Follow Politics Daily

  • Comics
Featuring political comics by Robert and Donna TrussellMore>>
  • Woman UP Video
politics daily videos
Weekly Videos
Woman Up, Politics Daily's Online Sunday ShowMore»
politics daily videos
TV Appearances
Showcasing appearances by Politics Daily staff and contributors.More>>