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BP quarterly dividend will be suspended due to BP oil spill

BP quarterly dividend to shareholders will be suspended due to the oil spill in the Gulf of Mexico.

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BP quarterly dividend will be put on hold due to the Gulf oil spill. BP CEO Tony Hayward arrives at the White House in Washington on Wednesday for a meeting with President Barack Obama.

AP Photo/Charles Dharapak

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The chairman of BP's board says that the oil company will suspend its quarterly dividend as part of its commitments to compensate victims of the Gulf oil spill.

BP Chairman Carl-Henric Svanberg made the announcement Wednesday after emerging from the White House where he and other BP executives met for four hours with President Barack Obama.

Obama and key members of Congress in recent weeks have pressed BP to suspend the dividend payment and give assurances that the company will meet its commitments to Gulf coast residents and businesses economically harmed by the spill.

Related:

Gulf oil spill: why the US wants a healthy BP

Gulf oil spill: BP worried about its own bid to capture more oil


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