Is BP’s dividend safe?
By Dividend Growth... on Mon, 2010-06-14 10:00
(via www.dividendgrowthinvestor.com)
The woes of BP’s oil spill are still making headlines these days. After several unsuccessful attempts at capping the oil spill, British Petroleum (BP) is still unable to stop the oil from flowing in the water. With liabilities expected to reach several billion dollars, investors have been selling off BP’s stock, which has caused it to decline almost 50% from its highs in April. The uncertainties regarding BP's future liabilities, have caused the Obama administration to push for a dividend cut, in order to ensure that the company would have the cash to pay its obligations.
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The Exploration and Production Chief Operating Officer, Doug Suttles, gave an interview on BP plus the oil spill. This interview might not have given him the PR he was most likely expecting. The biggest error he said was that there hasn't been any need to advance technologies on oil spill cleanups because there hasn't really been any huge spills. Apparently Suttles has slept through the last dozen huge oil spills that should have advanced technology. In addition, it should not matter if the need is there; we all know BP wouldn't have to take out to study cleanup methods just to be safe.