Tony Hayward a "long line of PR gaffes" by attending the race while the Gulf oil spill continued. In June, BP put Mississippi native Bob Dudley in charge of handling the Gulf of Mexico oil spill. Dudley was appointed president and chief executive of the newly created Gulf Coast Restoration Organization, reporting to Hayward. Following the "Deepwater Horizon" oil spill, there were rumours that Hayward would resign, but the company dismissed these. A BBC report said that a BP press release stated that Hayward "has the full confidence of the board of directors of BP." BP announced on 27 July 2010 that
Economic effects of the Deepwater Horizon oil spill the total liability could amount to as much as by the conclusion of the disaster. Financial analysts commented that BP was capable of addressing the potential liabilities that might result, and BP stock rose slightly on the news that the initial compensation fund had been agreed. On 5 July 2010, BP reported that its own expenditures on the oil spill had reached $3.12 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs. As of 1 October 2010, BP has spent $11.2 billion. As of March 2012, BP