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BP Chief Tony Hayward Sold Shares Weeks Before Oil Spill

Tony Hayward: 'This won't stop deepwater drilling. It will transform it'
Tony Hayward: ‘This won’t stop deepwater drilling. It will transform it’

By Jon Swaine and Robert Winnett
Published: 12:10AM BST 05 Jun 2010

Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

Mr Hayward, whose pay package is £4 million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2 million.

There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.

His decision, however, means he avoided losing more than £423,000 when BP’s share price plunged after the oil spill began six weeks ago.

Since he disposed of 223,288 shares on March 17, the company’s share price has fallen by 30 per cent. About £40 billion has been wiped off its total value. The fall has caused pain not just for BP shareholders, but also for millions of company pension funds and small investors who have money held in tracker funds.

The spill, which has still not been stemmed, has caused a serious environmental crisis and is estimated to cost BP up to £40 billion to clean up.

There was growing confidence yesterday that a new cap placed over the well was stemming the oil flow. An estimated three million litres a day had been pouring into the sea off the coast of Louisiana since the April 20 explosion, damaging marine life.

The crisis has enraged US politicians, with President Obama yesterday forced to cancel a trip to Indonesia amid a row over the White House’s response.

Mr Hayward, whose position is thought to be under threat, risked further fury by continuing plans to pay out a dividend to investors next month.

ARTICLE CAN BE FOUND HERE.

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Comments (2)

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  1. eric says:

    Go to jail and die mr. Hayward. see you in hell!!!!

    • admin says:

      I’m going to allow this post because I really want people to realize that we need to LOVE these people more and more. I KNOW it’s hard. Believe me. But we need to extend the white light that WE have – that WE can create.

      WE will be the ones that will clean up this spill and bring our family together.

      Again, I know it’s hard but we need to forgive and love and understand that these people are here – NOW – to help us learn about love, forgiveness, and that we, together as a global consciousness, can overcome the dark/evil/Hell (whatever you want to call it).

      Eric, thanks for posting this. I do allow a lot of free speech on this site as people need to vent and I think this is a good post for all of us to have a little reminder that we’re all loved unconditionally – and we need to pass that love on.

      LL, Tony.

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