BP (NYSE:BP) announced it has canceled a dividend due next month, and won't schedule a dividend payment for the second and third quarter.
The dividend due on June 21 would have had the company pay out $2.6 billion.
There has been a lot of pressure from Obama to have BP withhold a dividend until more data is available as to the costs of the Gulf oil spill.
BP also agreed to place $20 billion into a fund for those affected by the oil spill to be paid out over a period of time.
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