Published: Jun 17, 2010 6:41 PM EDT
Updated: Jun 17, 2010 3:41 PM EDT

NEW YORK (AP) - Shares of BP PLC are rising in New York as the company's CEO tells Congress he's "devastated" by the Gulf oil spill.

The shares jumped nearly 2 percent before easing back to $31.98, up 13 cents, at midday.

CEO Tony Hayward says the April 20 explosion aboard a rig operated by BP never should have happened, but he says it's too early to know the cause. The accident killed 11 workers and left a gaping well that's still spewing oil into the Gulf.

BP has agreed to set up an independently run $20 billion fund to pay damage claims. Hayward says that move means Americans can be assured that the company will meet its promise to pay all legitimate claims.