BP (pensions), downgraded to two above junk by Fitch

[Gluestick]

Quote:

"BP's under-fire chief executive Tony Hayward has admitted that the company was not adequately prepared to fight the Deepwater Horizon oil leak, as pressure mounted on the company not to pay its annual dividend to shareholders.

Hayward told the Financial Times it was "entirely fair" to criticise BP for not being better equipped to fight a leak 5,000 feet below the surface. He said the oil giant needed to develop new techniques for such crises, rather than using decades-old methods.

"What is undoubtedly true is that we did not have the tools you would want in your toolkit," said Hayward in an interview with the FT. "

Quote:

"

The problems facing BP over its safety record in America resurfaced last night after a congressional committee accused the oil company of withholding key documents, and a lawyer representing victims of the Texas City refinery explosion said Lord Browne's resignation as chief executive would make it easier to force him to testify.

The news came as new boss Tony Hayward, who admitted yesterday that BP had possibly outsourced too many operations, draws up changes to his management team and prepares for the likely departure of John Manzoni, head of refining and the man in charge of Texas City.

BP found itself in trouble with the House committee on commerce and energy, which is investigating a massive oil spill at the company's Prudhoe Bay field in Alaska.

The committee was due to sit yesterday but it emerged that Robert Malone, BP's chairman in the US, had asked for a delay.

He wrote to the committee on April 30 saying that all the documents requested at a previous hearing - thought to be sensitive emails about BP's cost-cutting - were not sent. He apologised, saying he had only just been told. Some issues raised "about previous spending decisions... cause me concern".

May 04th 2007 !!!

http://www.telegraph.co.uk/finance/markets/2808376/BPs-safety-record-is-back-in-the-spotlight.html

http://www.thisislondon.co.uk/markets/article-23842843-beware-of-lord-browne-the-outsourcer.do