MARKET TALK: BP Able To Reinstate Dividend Next Year - Citi

15th Jul 2010 11:58

1058 GMT [Dow Jones] BP's (BP) financial position is strong enough to be able to resume paying dividends next year, despite facing around $39Bln in costs related to the Gulf of Mexico oil spill, says Citigroup. "We expect free cashflow next year, post-capex and Macondo-related outflows, to be around $0.70 a share, potentially making 46p available for payment to shareholders," it says. However, the political climate will need to be right for BP to resume the payment, Citigroup adds. Gives buy rating, 590p target. Shares +0.2% at 402p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 15, 2010 06:58 ET (10:58 GMT)