BP will sell assets, drop dividend to pay for $20B compensation fund

06/17/2010 | Bloomberg · Guardian (London), The · Google

BP agreed to set aside $20 billion to pay damages to those affected by its Gulf of Mexico oil spill, a move demanded by U.S. President Barack Obama. The company suspended dividend for the rest of the year and said it will sell assets to raise cash. Chief Financial Officer Byron Grote said the company could stabilize its financial condition by selling oil and gas fields and reducing spending on drilling.

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Bloomberg · Guardian (London), The · Google

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