Market Update: BP Plc (NYSE:BP), Exxon Mobil Corp (NYSE:XOM), Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP)

Federal investigators must determine if BP Plc (NYSE:BP) took risks “beyond industry norms” with the Gulf of Mexico well that exploded and caused the worst U.S. oil spill, Exxon Mobil Corp (NYSE:XOM) Chief Executive Officer Rex Tillerson said. John Watson, chief executive officer at Chevron Corp (NYSE:CVX), and ConocoPhillips (NYSE:COP) CEO James Mulva are scheduled to testify at today’s hearing in Washington. More than 30 deep-water rigs have been ordered to stop drilling in the Gulf of Mexico for at least six months while federal officials conduct a review of offshore safety practices. The moratorium has forced major oil companies to suspend their deepwater exploration plans in the Gulf, which accounts for 30 percent of U.S. oil production. When the moratorium is lifted and federal regulators allow deep-water oil exploration…