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BP to fund $20bn oil spill payout | BP to fund $20bn oil spill payout |
(40 minutes later) | |
"Words are not enough. We understand we will and we should be judged by our actions," he said. | |
"We will live up to all our legitimate responsibilities." | |
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. |
In addition, BP said it would sell off "non-core" assets worth some $10bn in an attempt to cut costs in the coming year. | |
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. |
There remains some confusion over how far the definition of "legitimate responsibilities" should stretch. Earlier in the day UK Prime Minister David Cameron said BP was concerned the claims could be submitted "three or four times removed" from the spill. | |
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 1400 BST (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? |