Anadarko shares up on speculation of BP settlement |
| Forbes - May 20, 2011 |
Shares of Anadarko Petroleum Corp. rose Friday on prospects that the company could settle claims with BP over last year's Gulf of Mexico oil spill at an amount significantly below current estimates.
Anadarko owned 25 percent of the Macondo well, the site of the April 20, 2010, explosion which killed 11 people and caused oil to flow out into the Gulf creating an environmental disaster. Anadarko has refused to pay for clean-up costs, claiming BP's negligence cause the spill.
On Friday, BP settled claims with MOEX Offshore 2007 LLC, owner of a 10 percent minority interest. Mitsui agreed pay $1.07 billion to settle its share of the spill-related costs incurred by BP. That's about half of what BP had billed the company. Just as importantly for BP, MOEX agreed with the conclusions of a presidential commission and the U.S. Coast Guard that parties besides BP, including rig operator Transocean, share blame for the disaster.
BP's spill costs have risen to about $40 billion. Anadarko could have been on the hook for as much as $10 billion of that, although analyst estimates have closer to $5 billion.
Read Full Article from Forbes
- Posted: 2011-05-20 12:07:57
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