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BP to fund $20bn oil spill payout | BP to fund $20bn oil spill payout |
(about 1 hour later) | |
"We will live up to all our legitimate responsibilities," he said. | |
The last time that BP suspended a dividend payment was during World War II. The company was due to make a $2.6bn dividend payment on Monday, which has now been cancelled. | The last time that BP suspended a dividend payment was during World War II. The company was due to make a $2.6bn dividend payment on Monday, which has now been cancelled. |
BP's chief executive, Briton Tony Hayward, and the boss of BP America, Lamar McKay, accompanied Mr Svanberg to the White House. | BP's chief executive, Briton Tony Hayward, and the boss of BP America, Lamar McKay, accompanied Mr Svanberg to the White House. |
Mr Hayward, who has come under heavy criticism for his handling of the crisis, is scheduled to give evidence to a US House of Representatives committee on Thursday. | Mr Hayward, who has come under heavy criticism for his handling of the crisis, is scheduled to give evidence to a US House of Representatives committee on Thursday. |
Share problems | Share problems |
The company has been accused of failing to follow proper procedures in the run-up to the explosion on the Deepwater Horizon rig on 20 April. | The company has been accused of failing to follow proper procedures in the run-up to the explosion on the Deepwater Horizon rig on 20 April. |
The blast led to the deaths of 11 people, caused the rig to sink and has since seen millions of barrels of oil spew into the Gulf of Mexico. | The blast led to the deaths of 11 people, caused the rig to sink and has since seen millions of barrels of oil spew into the Gulf of Mexico. |
Much of that is now washing ashore in states along the Gulf coast. | Much of that is now washing ashore in states along the Gulf coast. |
The fallout is affecting businesses and wildlife, as well as wiping billions of dollars off BP's value. | The fallout is affecting businesses and wildlife, as well as wiping billions of dollars off BP's value. |
BP's share price rose in US trading after an earlier slump as news of the funding deal emerged, but dipped as the day wore on and more details emerged. | BP's share price rose in US trading after an earlier slump as news of the funding deal emerged, but dipped as the day wore on and more details emerged. |
In its latest effort to contain the oil spewing into the Gulf of Mexico, BP announced on Wednesday morning that it had begun operating a second containment system designed to bring oil and gas to the surface for burning. | In its latest effort to contain the oil spewing into the Gulf of Mexico, BP announced on Wednesday morning that it had begun operating a second containment system designed to bring oil and gas to the surface for burning. |
BP managed to place a cap over the leaking oil pipe earlier this month, and is now collecting some of the oil. | BP managed to place a cap over the leaking oil pipe earlier this month, and is now collecting some of the oil. |
However, estimates of how much oil is gushing out of the well have again risen dramatically since the start of the crisis. | However, estimates of how much oil is gushing out of the well have again risen dramatically since the start of the crisis. |
A government panel of scientists now believes 35,000-60,000 barrels are leaking each day, up from its estimate last week of 20,000-40,000. | A government panel of scientists now believes 35,000-60,000 barrels are leaking each day, up from its estimate last week of 20,000-40,000. |
You can follow the testimony of BP chief executive Tony Hayward when he appears before a US Congress committee on the BBC News website on Thursday 17 June, from 1400GMT (1000 EST). | |
Are you affected by the oil spill? Are you a BP shareholder? What is your reaction to this news? | Are you affected by the oil spill? Are you a BP shareholder? What is your reaction to this news? |