BP's Hayward Testifies on Capitol Hill; Congress Showing No Sympathy
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With the world coming down around him, BP (NYSE: BP) CEO Tony Hayward said Thursday that he was “deeply sorry” for the disastrous oil spill that has taken place as a result of an April 20th explosion on the Deepwater Horizon.
"I understand the seriousness of the situation, the frustrations and fears that continue to be voiced," Hayward said.
Hayward sat in front of the House of Representatives subcommittee on Thursday and listened to over an hour of Democrats and Republicans berating him and his company for its lackluster preventative and responsive efforts surrounding the situation in the Gulf.
In response to a statement by BP Chairman Carl-Henric Svanberg in which the exec said he sympathized with “the small people” around the Gulf, and the comments by Hayward saying that he just wanted his “life back,” Democrat Bart Stupak of Michigan said “We are not small people, but we wish to get our lives back.”
Stupak attacked BP’s safety record that has seen 26 people die and 700 injured in accidents as a result of company development, also adding that the government should ban companies that have safety records like BP.
Hayward responded by saying that he has always viewed safety as a top priority, and that is why he has been so devastated by the situation in the Gulf.
The testimony from Hayward comes eight weeks after the deepwater rig exploded, killing 11 and starting a spill that has leaked a now estimated 60,000 barrels of oil into the Gulf each day.
The company agreed yesterday to allot $20 billion to a compensation fund that will help take care of those affected by the situation and assist with the cleanup.
"The fire and explosion on the Deepwater Horizon never should have happened and I'm deeply sorry that it did," Hayward said while adding that it is too early to determine what caused the rig to explode.
Shares of BP have been hit hard by the situation (down 48% since April 20th) and are currently down 45 cents to $31.40 today.
"I understand the seriousness of the situation, the frustrations and fears that continue to be voiced," Hayward said.
Hayward sat in front of the House of Representatives subcommittee on Thursday and listened to over an hour of Democrats and Republicans berating him and his company for its lackluster preventative and responsive efforts surrounding the situation in the Gulf.
In response to a statement by BP Chairman Carl-Henric Svanberg in which the exec said he sympathized with “the small people” around the Gulf, and the comments by Hayward saying that he just wanted his “life back,” Democrat Bart Stupak of Michigan said “We are not small people, but we wish to get our lives back.”
Stupak attacked BP’s safety record that has seen 26 people die and 700 injured in accidents as a result of company development, also adding that the government should ban companies that have safety records like BP.
Hayward responded by saying that he has always viewed safety as a top priority, and that is why he has been so devastated by the situation in the Gulf.
The testimony from Hayward comes eight weeks after the deepwater rig exploded, killing 11 and starting a spill that has leaked a now estimated 60,000 barrels of oil into the Gulf each day.
The company agreed yesterday to allot $20 billion to a compensation fund that will help take care of those affected by the situation and assist with the cleanup.
"The fire and explosion on the Deepwater Horizon never should have happened and I'm deeply sorry that it did," Hayward said while adding that it is too early to determine what caused the rig to explode.
Shares of BP have been hit hard by the situation (down 48% since April 20th) and are currently down 45 cents to $31.40 today.
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