14th June 2010 15:14
Link to Post #81
Re: Latest Updates - (Please only post TEXT or PHOTOS here)
BP stock drops another 7%
NEW YORK (CNNMoney.com) -- BP's stock dropped more than 7% Monday morning -- the 56th day of the oil spill - as the oil giant geared up for another brutal week in the Gulf and on the Hill.
London-based BP (BP) is holding a board meeting on Monday to discuss whether the company should issue its first quarter dividend, which is set to be paid out on June 21. The matter is controversial since the company will have to pay for billions of dollars of massive economic and environmental damage caused by the ongoing oil spill in the Gulf of Mexico.
Then, on Tuesday and Thursday, BP executives will be appearing before Congressional committees to testify about the spill, which has been pouring oil into the Gulf since the Deepwater Horizon offshore oil rig exploded and sank on April 20, killing 11 workers. As much as 40,000 barrels, or 1.7 million gallons, are leaking per day, according to government estimates.
BP Chief Executive Tony Hayward is scheduled to testify before Congress on Thursday.
BP executives, including Chairman Carl-Henric Svanberg, are scheduled to meet with President Obama on Wednesday. The president wants the company to create a BP-funded escrow account to pay damages to individuals and businesses wrecked by the spill.
Obama is making his fourth visit to the Gulf region since the April disaster, on Monday. On Tuesday, he'll return to Washington to deliver an 8 p.m. ET televised address to deliver a speech on the oil spill.
BP was not immediately available for comment.
14th June 2010 15:58
Link to Post #82