By Vicki Needham - 06/16/10 06:47 PM EDT
BP won't provide dividends to their shareholders this year as they work out the details of a $20 billion escrow fund for those affected by the Gulf of Mexico oil spill.
Carl-Henric Svanberg, BP's chairman of the board, said the board decided Wednesday not to pay any further dividends this year.
"Words are not enough, and we understand that we will and should be judged by our actions," he said today at the White House after a four-hour meeting.
He said a framework has been set up to show that BP means what they say about paying for all the damage of the spill and "we will look after the people and repair the damage."
He said his company and the Obama administration are "fully aligned" in their interest of "closing the well, cleaning the beaches and caring for those affected."
So far, BP has spent more than $1.6 billion for clean up, containment and claims to individuals and businesses along the Gulf coast. a