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Share Price Information for BP (BP.)

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Share Price: 471.00
Bid: 470.40
Ask: 470.60
Change: 0.50 (0.11%)
Spread: 0.20 (0.043%)
Open: 468.40
High: 473.15
Low: 467.30
Prev. Close: 470.50
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BP Exec Says Company Supports Administration Decisions

Tue, 15th Jun 2010 18:46

By Tennille Tracy Of DOW JONES NEWSIRES WASHINGTON (Dow Jones)--A top BP PLC (BP) executive said he supports the Obama administration's handling of the Deepwater Horizon oil spill amid growing criticism of the government's response. At a congressional hearing Tuesday, BP America President Lamar McKay said the government's command structure has been "functional." "I think the major decisions have been supported by BP," McKay said. McKay and peers from four other major oil companies--Exxon Mobil Corp. (XOM), ConocoPhillips (COP), Royal Dutch Shell PLC (RDSA) and Chevron Corp. (CVX)--testified before a House Energy and Commerce Committee panel about the Gulf Coast environmental disaster. McKay said BP and the U.S. Coast Guard have debated deployment and other aspects of the response effort, but he added that BP has supported the administration's approach. Rep. John Dingell (D., Mich.) asked whether BP has disagreed with any recommendations made by the Coast Guard with regard to the response efforts; McKay said no. McKay acknowledged "it's unfortunate we can't get [the oil spill] stopped at the source." He added that the coordination between the government and the company has been effective in developing response measures. Dingell said he was concerned about growing criticism of the Obama administration's response to the spill. "I am troubled here that everybody is blaming the administration for the events that are going on in the Gulf area," Dingell said. -By Tennille Tracy, Dow Jones Newswires; 202-862-6619; tennille.tracy@dowjones.com (END) Dow Jones Newswires June 15, 2010 13:46 ET (17:46 GMT)
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