Deepwater Horizon oil spill and Halliburton placed all blame on BP. On 9 November 2010, a report by the Oil Spill Commission said that there had been "a rush to completion" on the well and criticised poor management decisions. "There was not a culture of safety on that rig," the co-chair said. The National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling released a final report on 5 January 2011. The panel found that BP, Halliburton, and Transocean had attempted to work more cheaply and thus helped to trigger the explosion and ensuing leakage. The report stated that "whether purposeful or
Deepwater Horizon oil spill pension fund managers (who have large holdings of BP shares and rely upon its dividends) accepted that while BP had to pay compensation for the spill and the environmental damage, they argued that the cost to the company's market value from President Obama's criticism was far outweighing the direct clean-up costs. Initially, BP downplayed the incident; its CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Later, he drew an outpouring of criticism when he said that the spill was a disruption to Gulf Coast residents and himself adding, "You