Investors back BP dividend resumption despite payout drop

Although the oil giant today reported its first loss since 1992, of £3.1bn for 2010, it pleased income investors with the news it will resume paying dividends at 4.34p (seven cents) per share. This includes the UK's pension funds which before the Gulf of Mexico spill were investing one in every six pounds into BP. However, although total reinstated dividends of £776m will only be half what BP paid out to shareholders in Q4 2009, pension funds and income investors are positive about BP's decision. David Paterson, head of corporate governance at the NAPF, says: "Pension funds invest ...