Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

3rd UPDATE:Rep Waxman Blasts BP CEO At Congressional Hearing

Thu, 17th Jun 2010 17:41

(Updates with comment from Rep. Stupak.) By Siobhan Hughes, Tennille Tracy and Stephen Power Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. lawmakers on Thursday blasted BP PLC's (BP, BP.LN) chief executive at his first appearance before Congress since a deadly oil-rig explosion, with a top Democrat saying he "found no evidence that you paid any attention to the tremendous risks BP was taking." "There is not a single email or document that shows you paid even the slightest attention to the dangers at this well," U.S. House Energy and Commerce Committee Chairman Henry Waxman (D, Calif.) told BP Chief Executive Tony Hayward, the sole witness at the hearing. "You are the CEO, so we considered the possibility that you may have delegated the oversight responsibility to someone else," Waxman said. But after reviewing emails received by other executives, "we could find no evidence" that they had received briefings about drilling activities at the well. The remarks suggest that BP's agreement to contribute $20 billion to a spill-damage fund did little to quell anger among Democrats on Capitol Hill. Though Waxman praised BP's decision, he had little else positive to say. "BP's corporate complacency is astonishing," Waxman said. Hayward, who was sworn in under oath, told the committee the situation is "a tragedy" and said that "I deeply regret" the impact the spill has had on people and the environment. He said that while "we don't yet know" the causes of the April 20 blowout, the company is "doing everything we can" to secure the well and "we will make this right." Rep. Bart Stupak (D, Mich.) asked, "are you trying to tell me you have not reached a conclusion that BP really cut corners here?" Hayward responded that "it's too early to reach conclusions." Waxman, whose panel has been investigating the explosion of the Deepwater Horizon oil rig, said "there is a complete contradiction between BP's words and deeds. You were brought in to make safety the top priority of BP. But under your leadership, BP has taken the most extreme risks." The mood on the panel suggested the damage to BP from the panel's investigation, which involved a review of 30,000 pages of documents. One email cited by congressional investigators earlier showed a BP official brushing aside warnings from Halliburton Co. (HAL) that the company was using too few "centralizers." "Who cares, it's done, end of story, will probably be fine and we'll get a good cement job," according to the email from BP's operations drilling engineer. "You said safety was your No. 1 priority," said Rep. Michael Burgess (R., Texas). "Safety was traded off; in fact it was not the priority." Rep. Marsha Blackburn (R., Tenn.) said "the appearance is, Mr. Hayward, that BP has not learned from previous mistakes." She said "BP cannot blame mother nature, or equipment failure or even other subcontractors. Their actions have put at risk the livelihood of communities and businesses that depend on the Gulf." While focusing their anger on BP, some Republicans also used the hearing to direct anger toward the Obama administration. A Wednesday deal between the White House and BP on the $20 billion escrow fund has riled some people in the business community, who fear the U.S. government is using strong-arm tactics that go beyond ordinary legal processes for handling such disasters. "I think that it is a tragedy of the first proportion that a private corporation is subjected to what I would characterize as a shakedown, in this case a $20 billion shakedown," said Rep. Joe Barton (R, Texas). While "there is no question that BP is liable," he complained about the participation of the Justice Department in talks at the White House. "I apologize. I do not want to live a country where any time a citizen or a corporation does something that is legitimately wrong is subject to some sort of political pressure." U.S. Attorney General Eric Holder told reporters that "I don't apologize for the Justice Department's role in this matter." He said that "what we have done has been entirely appropriate." The White House issued a statement calling on lawmakers to "repudiate" Barton's comments. Rep. Betty Sutton (D., Ohio) said she felt "physically sick" viewing scenes of the spill on television and condemned BP's "culture of carelessness." Rep. John Dingell (D., Mich.) recited BP's history of accidents in recent years involving an Alaska pipeline and a deadly fire at a refinery, and a series of comments Hayward has made in recent weeks, some of which he has apologized for, such as his remark that he wanted his "life back" and that the amount of oil spilled is "tiny" when compared with the total water volume of the Gulf. "Last year, Mr. Hayward enjoyed a 41% pay raise even as BP's profits dropped 45%," Dingell said. "I am just a poor Polish lawyer from Detroit, but that seems like a curious response to a drop in profits." -By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; siobhan.hughes@dowjones.com (END) Dow Jones Newswires June 17, 2010 12:41 ET (16:41 GMT)
More News
6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

Read more
6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

Read more
6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

Read more
6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

Read more
6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

Read more
2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

Read more
2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

Read more
2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

Read more
2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

Read more
2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

Read more
1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

Read more
1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

Read more
1 Feb 2024 10:06

New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

Read more
1 Feb 2024 08:50

LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

Read more
30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
Aberforth Smaller Companies Trust PLCFull Year Results
abrdn Private Equity Opportunities Trust PLCFull Year Results
Ecora Resources PLCTrading Statement
GSK PLCFull Year Results
ITM Power PLCHalf Year Results
NWF Group PLCHalf Year Results
Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
JTC PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
Friday 2 February 
YouGov PLCTrading Statement
Monday 5 February 
Home REIT PLCTrading Statement
Porvair PLCFull Year Results
Trident Royalties PLCTrading Statement
Vodafone Group PLCTrading Statement
Tuesday 6 February 
Alumasc Group PLCHalf Year Results
BP PLCFull Year Results
Filtronic PLCHalf Year Results
Mattioli Woods PLCHalf Year Results
Renishaw PLCHalf Year Results
Virgin Money UK PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.