BP chief Tony Hayward to testify before Congress

By Chavon Sutton, staff reporter


NEW YORK (CNNMoney.com) -- Battered BP CEO, Tony Hayward, has been summoned to testify before U.S. lawmakers next week, according to a letter released Tuesday.

The Committee on Energy and Commerce said it will hold a hearing on June 17 as part of an ongoing investigation into the causes of the explosion on the Deepwater Horizon drilling rig that killed 11 people and has spilled millions of gallons of crude into the Gulf of Mexico.

A spokesman for BP on Tuesday confirmed that Hayward will testify.

In the letter, Subcommittee on Oversight and Investigations co-chairmen, Rep. Bart Stupak, D-Mich. and Rep. Henry Waxman, D-Calif. urged Hayward to come prepared, accompanied by someone with "sufficient knowledge" to answer tough technical questions.

"The Subcommittee anticipates that its members may have questions requiring technical knowledge of the Deepwater Horizon rig operations, well design, and safety measures," they wrote.

Since the April 20 explosion, BP has spent over $1 billion related to the spill, a figure that includes payments to individuals and businesses put out of work because of the incident. But estimates for the ultimate cost range from $3 billion to $40 billion, to be paid out over a number of years.

BP found itself in more hot water last week, as some called on the company to suspend its dividend, saying the money should first go to clean-up efforts and damages.

In a meeting with investors Friday, Hayward tried to reassure both the public and BP's shareholders that the company had the money necessary to restore the Gulf Coast and pay for "other things."

"BP faces this situation as a strong company," said Hayward. "We will stand behind all our commitments."

--Senior writer Steve Hargreaves contributed to this report. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 4:36pm ET
Company Price Change % Change
Bank of America Corp... 16.15 0.00 0.00%
Facebook Inc 58.94 0.00 0.00%
General Electric Co 26.56 0.00 0.00%
Cisco Systems Inc 23.21 0.00 0.00%
Micron Technology In... 23.91 0.00 0.00%
Data as of Apr 17
Sponsors

Sections

Spencer has been a supporting member of the "Good Morning America" cast for the past three years. More

Obamacare sign ups hit 8 million, though final enrollment remains to be seen. More

Office for iPad move is a symbolic victory for Nadella's Microsoft, but the company is still weighed down by many of the same old issues. More

Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More

As Detroit moves closer to reaching a bankruptcy deal, retired civilian workers are poised to be left worse off than firemen and police officers. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.