BP shares under more pressure

June 15, 2010 at 12:00a.m.

Associated Press

BP shareholders who already have lost billions because of the spill in the Gulf of Mexico now must deal with the federal government’s demand that the oil company set up a multibillion-dollar fund to help victims of the spill.

That potential fund and the possibility that BP could forgo its second-quarter dividend drove the stock down again Monday after a small rebound at the end of last week. BP shares fell $3.30, or 9.7 percent, to close at $30.67 in New York. The shares were worth $60.48 when the Transocean rig it was leasing exploded April 20 and later sank. BP has lost about $90 billion in value.

Transocean shares dropped $2.07, or 4.4 percent, to close at $44.78.

On Monday BP had a board meeting to discuss deferring its second- quarter dividend and putting the money into escrow until it knows how much the spill will cost. BP spokeswoman Sheila Williams in London said the company was aware of President Barack Obama’s demand for a compensation fund but declined to comment further.

The White House said that BP appears willing to set up a such a fund. Spokesman Bill Burton said the White House and BP are “working out the particulars.”

Obama is expected to meet with BP executives, including embattled CEO Tony Hayward, on Wednesday. The president expects them to establish a compensation fund for people and companies hurt by the spill, administered by an independent panel.

Obama also has pressured the company to accelerate efforts to control the spill. The Coast Guard said Monday that BP is stepping up those efforts.