Hayward defends approach to oil spill, is confident in cap system:

BP CEO Tony Hayward conceded that leaving his job is the right thing to do for the company, but he defended BP's response to the oil spill. BP launched "the largest response" to a major disaster and "the fact is we have dealt with it," Hayward said. He is also confident that the company's damaged Gulf well has been permanently plugged by a containment cap placed this month. Hayward also noted the company's proposal to auction off $30 billion in properties to help finance spill-related costs could reduce BP's daily production from 4 million barrels of oil equivalent to 3.5 million barrels.

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