BP's Shares Up as Report Spreads Spill's Blame .

Shares in BP PLC rose Thursday, as investors concluded that the report by a U.S. presidential commission on last year's Gulf of Mexico oil spill reduced the likelihood that the company would be found guilty of gross negligence.

BP's London-listed shares were trading at 501.80 pence ($7.78) on Thursday afternoon, up 2.55 pence, after the commission's release of an excerpt from the report that distributed blame for the spill among BP and its contractors Transocean Ltd. and Halliburton Corp.

The report said the blowout that triggered the worst offshore oil spill in U.S. history resulted from management failures by BP and its contractors as well as "failures of government to provide effective regulatory oversight of offshore drilling." It said the root causes of the disaster were "systemic" and "might well recur" without significant changes to industry practices and government policies.

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- Posted: 2011-01-06 09:58:58

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