TNK-BP, which is a joint venture between BP Plc (NYSE:BP) and a group of Russian billionaires, announced they'll be paying out an interim dividend of $4.16 billion to their shareholder.
The 50-50 joint venture, will pay an interim dividend for a nine-month period.
The amount of the dividend will be more than than the company generated in first-half net income. Dividends paid out in the first half were $2.434 billion.
In November TNK-BP shareholders will vote on whether or not to approve the dividend. It will be the highest dividend paid out in the history of the joint venture if it is approved.
Results for the third quarter of the company have yet to be announced.
Showing posts with label BP Dividends. Show all posts
Showing posts with label BP Dividends. Show all posts
Tuesday, October 12, 2010
Tuesday, October 5, 2010
BP (NYSE:BP) Lowering Capex to Help Fund Gulf Cleanup
BP (NYSE:BP) has made a couple of move recently to cleanup the Gulf and its reputation.
The most recent announcement is they're going to reduce capital expenditures by 10 percent in order to release funds to pay for the Gulf cleanup.
Recently they also said they're going to lower the number of operatorships it holds in the Gulf, raising more capital by selling portions to other operators.
New BP CEO Bob Dudley also said there shouldn't be a problem reinstating the dividend for BP sometime in the near future, although he balanced that by saying it's the board of directors' decision and not his as to when that would happen.
Slowly a sense of normalcy is returning to the company, and that could be a good thing for their market cap, which would help them going forward as the value of the company rises.
The most recent announcement is they're going to reduce capital expenditures by 10 percent in order to release funds to pay for the Gulf cleanup.
Recently they also said they're going to lower the number of operatorships it holds in the Gulf, raising more capital by selling portions to other operators.
New BP CEO Bob Dudley also said there shouldn't be a problem reinstating the dividend for BP sometime in the near future, although he balanced that by saying it's the board of directors' decision and not his as to when that would happen.
Slowly a sense of normalcy is returning to the company, and that could be a good thing for their market cap, which would help them going forward as the value of the company rises.
Friday, October 1, 2010
BP (NYSE:BP) Dividend Should Resume Soon Says Dudley
New BP (NYSE:BP) chief executive officer Bob Dudley said he believes the dividend for the company should be reinstated soon, probably within several months.
While Dudley said it's a decision of the board of directors, he thinks it'll be very soon.
“It’s obviously for the board to decide but from what I see happening in
the performance of the business, I believe we will get there,” said Dudley.
He bases his assumption on the company doing well at this time.
The dividend of BP was suspended in June in response to political pressure and release capital for liabilities. Most of it was for political reasons.
While Dudley said it's a decision of the board of directors, he thinks it'll be very soon.
“It’s obviously for the board to decide but from what I see happening in
the performance of the business, I believe we will get there,” said Dudley.
He bases his assumption on the company doing well at this time.
The dividend of BP was suspended in June in response to political pressure and release capital for liabilities. Most of it was for political reasons.
Monday, September 13, 2010
BP (NYSE:BP) Dividends to Resume?
The question on many BP (NYSE:BP) shareholders and investors minds when the company will reinstate the dividend.
Incoming CEO Robert Dudley stated near the end of July that the company wasn't going to be quick to jump back into the same "dividend philosophy" they held in the past.
He seems to really be saying that until they get a better picture of overall liabilities, there aren't going to reinstate the dividend. That picture is getting clearer, as Citigroup Inc. (NYSE:C) analyst Mark C. Fletcher said in a meeting he attended where Robert Dudley spoke to analysts, he reportedly said overall claims toward the $20 billion fund are probably going to be less than that amount, and he doesn't see overall claims exceeding $32 billion, or at least they'll be close to that number if they do go beyond it.
A growing number of analysts believe BP will either reinstate dividends in the fourth quarter, or at latest, the first quarter of 2011.
Sanford C. Bernstein & Co. analysts said in a note to clients, “BP’s cashflow position should be just strong enough to support restoration of dividends by the first quarter of 2011, under an $80 a barrel oil price scenario based on estimates. This assumes divestments are completed and the spill costs do not climb much above BP’s $32.2 billion estimate.”
Bernstein added this is based on the assumption BP will be able to successfully sell up to $30 billion in assets over the next 18 months, as they've said their goal is.
Incoming CEO Robert Dudley stated near the end of July that the company wasn't going to be quick to jump back into the same "dividend philosophy" they held in the past.
He seems to really be saying that until they get a better picture of overall liabilities, there aren't going to reinstate the dividend. That picture is getting clearer, as Citigroup Inc. (NYSE:C) analyst Mark C. Fletcher said in a meeting he attended where Robert Dudley spoke to analysts, he reportedly said overall claims toward the $20 billion fund are probably going to be less than that amount, and he doesn't see overall claims exceeding $32 billion, or at least they'll be close to that number if they do go beyond it.
A growing number of analysts believe BP will either reinstate dividends in the fourth quarter, or at latest, the first quarter of 2011.
Sanford C. Bernstein & Co. analysts said in a note to clients, “BP’s cashflow position should be just strong enough to support restoration of dividends by the first quarter of 2011, under an $80 a barrel oil price scenario based on estimates. This assumes divestments are completed and the spill costs do not climb much above BP’s $32.2 billion estimate.”
Bernstein added this is based on the assumption BP will be able to successfully sell up to $30 billion in assets over the next 18 months, as they've said their goal is.
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