Bp, Gulf Oil Spill | featured news

BP officials said that Tony Hayward, their embattled C.E.O., was still in charge of all BP operations despite comments indicating that he was relinquishing his duties in the Gulf of Mexico.

A day after its chief executive's widely panned appearance before Congress, BP said Friday that it would replace Tony Hayward as head of its oil-spill cleanup effort.

A $20 billion fund set up by energy giant BP Plc to compensate financial losses due to a big oil spill in the Gulf of Mexico will pay legitimate claims fast, the fund's independent administrator said on Friday.

Move echoes that of Fitch Ratings earlier in the week.

GOP lawmaker says he's "ashamed" of how firm has been treated, drawing immediate criticism. Under pressure from Republican leaders who threatened to remove him from a ranking committee position, Rep Joe Barton (R-Tex.) late Thursday retracted his apology to BP CEO Tony Hayward for the way his company has been treated by the US government -- a comment that had drawn heavy criticism from both parties.

In prepared testimony before a House panel that is expected to question him harshly Thursday, BP chief executive Tony Hayward says the oil spill disaster in the Gulf of Mexico "never should have happened" and has left him ...

BP is to place $20bn in an independent fund to pay out compensation to victims of the Gulf oil spill, US media report.

The president says he'll discuss how BP must pay claims "fairly and quickly" to compensate oil spill victims. He also says he'll name separate commanders for Florida, Alabama and Louisiana to speed response to states' residents.

President Obama previewed part of his Oval Office address in an appearance here Tuesday morning, saying he will talk about the need for BP to pay out claims "quickly and fairly'' to compensate victims of the worst environmental disaster in U.S.

Executives from other major oil companies turned on BP Plc and defended their own drilling practices during a congressional hearing on Tuesday as they sought to stave off new government regulations in the wake of BP's oil spill in the Gulf of Mexico.

The  cost of cleaning the Gulf oil spill and compensating its victims won’t be known for years.