President Barack Obama Message Board

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Politics : President Barack Obama

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To: ChinuSFO who wrote (78406)	6/17/2010 1:09:46 AM
From: stockman_scott	Read Replies (2) of 149317

<...Oil industry experts say it remains to be seen whether any amount of money can fully compensate victims and restore the Gulf Coast to conditions that prevailed before the massive spill. “We seem to be a bit intoxicated by this idea that BP will pay for everything,” said Frank Glaviano, former vice president of Shell Exploration and Production. “Maybe they will, and maybe they won't. Even if they do we're doing so much destruction to the land, the environment and the culture and the jobs and the economy here, that money won't be able to repair all of this.” BP has deep financial resources to draw from. The company reported profits of $16.8 billion last year on revenue of nearly $250 billion. By suspending its $2.6 billion quarterly dividend, the company frees up additional cash flow for the escrow account, which will be funded gradually over the next several quarters. BP also will significantly reduce its investment program and sell $10 billion of assets to help defray the costs of the escrow fund. BP will pay $3 billion into the fund in the third quarter of this year and another $2 billion in the fourth quarter. That will be followed by quarterly payments of $1.25 billion until the full $20 billion has been paid. The company said the fund will be backed by the assets of its U.S. subsidiary...>> msnbc.msn.com

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