bp shares plunge more than 9pc on oil spill cost, dividend fears | adelaide now -g-icon-error cloudy-day nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right 0a0871
Amid concerns about rising costs from the Gulf of Mexico oil spill crisis and the future of the group's shareholder dividend, BP's share price plunged more than nine percentage points overnight.
BP's share price fell to 355 p as US President Barack Obama was under increasing pressure on the group to deal with the worst --
Environmental disaster in American historyVisiting spill-
Obama said he hopes to reach more than one deal with BP by Wednesday
Provide billions of dollars for oil disaster victims and vowed to do everything possible to heal the Gulf Coast.
"I hope that by then (BP)
The chairman and I met on Wednesday and we have made enough progress and we can start to see a structure that will be in place, "he said in an interim position in oil cleaning. up efforts.
BP's directors met earlier in London to discuss the cost of dealing with the disaster, which has jumped to about $1. 6 billion ($1. 8 billion)
And whether to suspend the payment of dividends to shareholders.
It is reported that BP will succumb to the great pressure in the United States and decide to suspend payment because its potential responsibility for the oil spill is rising.
"Some investment companies are worried that dividends will be canceled," said Rajesh Patel, chief trader at financial betting firm Spread Co.
"BP's board of directors is discussing how to deal with dividends this afternoon, and whatever decisions investors make, this is a very important decision," Mr Patel said . ".
"Looks like some (investors)
BP has decided enough.
A spokesman for BP said the dividend was not officially announced. New York-
BP shares also fell sharply, down 9 points as of the day. 7 per cent.
Prior to the board meeting, BP said, "the response cost to date is about $1.
6 billion, including spill response, containment, relief drilling, grants to Gulf states, claims paid and federal fees.
"This number has risen from an estimated $1 to $1.
BP announced 43 billion on Thursday.
BP's market value has fallen by tens of billions of dollars after BP's share price fell.
The operating Deepwater Horizon rig sank in April 22.
Two days ago, an explosion killed 11 people. The accident caused a huge leak in the bottom of the sea. a large amount of oil on the Gulf Coast of the United States was washed, it threatens precious wildlife and local communities.
BP said, "in order to protect the coastline of the Gulf of Mexico, continue to collect and disperse oil that has reached the sea surface and collect and clean up any oil that has reached the shore.
S. Coast Guard admiral Sade Allen, who is in charge of the Gulf oil spill, said on Sunday that BP chief executive Tony Hayward is expected) will attend the White House crisis meeting scheduled for Wednesday.
Allen said that the top issues on the agenda will include programmes to contain oil spills and claims procedures for victims.
Obama's political opponents have criticized his failure to meet or talk over the phone with Hayward, who has become a public face of the BP disaster.