BP Share News (BP.)

THE NEWS U.S. lawmakers blasted BP PLC (BP, BP.LN) Chief Executive Tony Hayward on safety standards and for declining to answer questions Thursday, with the CEO saying he was "not involved" in key decisions about the mile-deep oil well that blew out in April. As the sole witness at a congressional hearing, Hayward repeatedly deflected attempts by lawmakers to determine whether his company made poor decisions in the days and weeks before the oil-rig explosion that led to the oil spill in the Gulf of Mexico. "I'm not prepared to draw conclusions about this accident," Hayward said, adding later, "I wasn't involved in any of the decision making." Rep. Bart Stupak (D., Mich.) admonished Hayward for his answers, saying the committee had granted him extra time to prepare for the hearing. Stupak added at one point, "I hope you'll be more forthcoming and less evasive." "The buck stops at your desk," Rep. Phil Gingrey (R., Ga.) told Hayward. "Your testimony has been way too evasive." THE ACCUSATIONS House Energy and Commerce Committee Chairman Henry Waxman (D., Calif.) criticized the CEO, saying congressional investigators "found no evidence that you paid any attention to the tremendous risks BP was taking." Lawmakers have cited emails from BP officials in accusing the company of taking shortcuts on safety and ignoring the advice of key contractors. The oil spill began after the Deepwater Horizon drilling rig exploded and sank in April, killing 11 workers and unleashing the worst offshore oil spill in U.S. history. HAYWARD RESPONDS BP CEO Hayward said "there's nothing I've seen that suggests anyone put costs ahead of safety," but allowed that if there is, "then we'll take action" against employees who did. However, late in the day, Hayward said, "Sitting here today, [some decisions] appear they may have been to do with money--it's not clear." Earlier, Hayward 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." He added federal regulators had signed off on BP's well design, perhaps offering a preview of the company's defense as it faces Justice Department, civil and criminal investigations. EFFORTS TO STOP THE LEAK A second BP containment system has begun collecting oil. U.S. Coast Guard Adm. Thad Allen said that vessel would add 2,000 to 3,000 barrels a day to the amount captured by the main vessel connected to the leak, bringing the total amount to between 16,000 and 17,000 barrels a day. Scientists have estimated 35,000 to 60,000 barrels of oil are flowing into the Gulf each day. Allen said BP hopes to increase the capture capacity to 28,000 barrels a day by early next week, 53,000 barrels by the end of June and, if needed, 60,000 to 80,000 barrels by the end of July. Efforts to drill a relief well--through which BP would pump cement to plug the leak--are progressing "ahead of schedule," Allen said. The target date for completing the effort is mid-August. MARKET REACTION BP's American depositary shares fell 14 cents to close at $31.71. BP has lost nearly half its market value since April. In London, BP shares rose 6.7% to 359.70 pence on hopes the $20 billion deal would ease the political heat on BP. The most active BP bond, the 1.55% note due August 2011, saw its spread over Treasurys creep marginally wider. S&P cut the rating for BP PLC to A from AA- and the rating of BP Finance to A- from A+. BP's credit default swap spread was at 470 basis points, or $470,000 to cover $10 million of debt each year for five years, according to Markit, down from Wednesday's all-time high of 625 basis points. DOW JONES COVERAGE -US Lawmakers Blast BP CEO At Congressional Hearing -BP CEO Hayward: 'Not Prepared To Draw Conclusions' About Accident -BP's Hayward: Key Decision Partly About Focus On Well Integrity -BP CEO: Some Decisions 'May' Have Been About Money -BP WATCH: BP's Cut To Declared 1Q Dividend Marks Unusual Move -HEARD ON THE STREET: BP Hit With 'Safety Discount' -Transocean Shares Rise As Co Looks Less Liable Than BP -MARKET TALK: BP Downgraded By S&P: CDS So Far Unchanged -MARKET TALK: $20B Not Enough To Stem Downgrade -WSJ: BP Agrees To $20 Billion Fund -Adm. Allen: Could Capture 28,000 B/D Of Oil By Early Next Week -BP Shares Surge After $20B Oil Spill Fund Deal -Biden: Rep Barton's Apology To BP 'Incredibly Insensitive' -Barton Retracts Apology Made To BP CEO In House Hearing -For more coverage of the oil spill, please search under the code BP. (END) Dow Jones Newswires June 17, 2010 16:57 ET (20:57 GMT)