LONDON ( TheStreet) -- BP ( BP) is pushing to fix the busted oil well in the Gulf of Mexico by July 27, possibly weeks before the deadline the company is discussing publicly, in a bid to show it has capped its rising financial liabilities, the Wall Street Journal reports.

BP also is readying a series of backup plans in case its current operations don't work. These include connecting the broken well to existing pipelines in two nearby underwater gas and oil fields, the Journal reports, citing company and administration officials.

BP and the Coast Guard continue to state publicly they're aiming to have a fix in place in early to mid-August.

BP has discussed its backup plans only with administration officials, who in turn have briefed President Obama, the Journal says.

The July 27 target date is the day BP is expected to report second-quarter earnings, the newspaper notes. The oil company also wants to show progress by July 20, the day U.K. Prime Minister David Cameron is scheduled to visit the White House.

"In a perfect world with no interruptions, it's possible to be ready to stop the well between July 20 and July 27," said managing director Bob Dudley, who heads BP's Gulf Coast restoration unit, in an interview with the newspaper. He added that this "perfect case" is threatened by the hurricane season and is "unlikely."

-- Written by Joseph Woelfel in New York.

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