Business

BP pledges funding for new wildlife fund

by Vicki Needham - 06/08/10 9:25 PM ET

Net revenue includes the sale of the oil minus 18.75 percent in royalties paid to the U.S. government. BP’s 65 percent share would be deposited into the fund. The remaining 35 percent of the net revenue will be paid to the co-owners of the leasehold interest.

Revenue for the fund ends when the well is “killed and oil is no longer coming from this source.”

“We believe these funds will have a significant positive impact on the environment in the region,” Tony Hayward, BP’s CEO, said in a statement Tuesday.

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