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Share Price Information for BP (BP.)
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Share Price:
520.40
Bid:
521.20
Ask:
521.40
Change:
-2.90 (-0.55%)
Spread:
0.20 (0.038%)
Open:
526.00
High:
529.30
Low:
520.40
Prev. Close:
523.30
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Don't have an account? Click here to register.BP CEO Hayward: 'Not Prepared To Draw Conclusions' About Accident
Thu, 17th Jun 2010 19:02
By Tennille Tracy Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--BP PLC (BP, BP.LN) Chief Executive Tony Hayward swatted down several attempts by U.S. lawmakers Thursday to determine whether his company made poor decisions in the days and weeks up to the Deepwater Horizon oil spill. In a much-anticipated hearing before a panel of the U.S. House Energy and Commerce Committee, Hayward repeatedly told lawmakers that he was not involved in specific decisions regarding the Macondo well and that he was not prepared to comment on details until ongoing investigations are completed. "I'm not prepared to draw conclusions about this accident," Hayward said, adding later, "I wasn't involved in any of the decision making." Hayward's refusal to answer detailed questions about the well design raised the ire of several lawmakers, including committee Chairman Henry Waxman (D., Calif.), who said he felt like he was being stonewalled. "It's clear to me that you don't want to answer my questions," Waxman said. Hayward replied he was not stonewalling the lawmakers. Earlier this week, Waxman and Rep. Bart Stupak (D., Mich.), who chairs the subcommittee that's holding the hearing, sent a letter to Hayward in which they outlined five "crucial decisions" made by BP that could have contributed to the rig explosion and subsequent spill. Several lawmakers referenced the findings contained in the letter while questioning Hayward. One of the lawmakers, Rep. John Dingell (D., Mich.) asked whether the design of one particular well part was motivated by a desire to save time and money. Hayward answered: "I can't answer that question because I wasn't there." As Dingell continued his line of questioning, asking Hayward about particular components of the well, Hayward delivered similar responses. Before the committee temporarily halted the hearing, enabling lawmakers to vote on a separate issue, Hayward had said more than a half a dozen times that he was not prepared to comment on the issues or that he was not involved in relevant decisions. -By Tennille Tracy, Dow Jones Newswires; 202-862-6619; tennille.tracy@dowjones.com (END) Dow Jones Newswires June 17, 2010 14:02 ET (18:02 GMT)
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