BP, Transocean, Anadarko CDS hit record highs

The cost of insuring the debt of BP Plc (BP.L), Transocean (RIG.N) and Anadarko Petroleum Corp (APC.N) hit fresh highs on Wednesday as concerns grew about the companies' exposure to the oil spill in the Gulf of Mexico.

The cost of insuring the oil companies' debt has risen as efforts to clean up the largest oil spill in U.S. history have thus far proved unsuccessful. The companies face severe hits to their reputations while temporary drilling bans in the Gulf of Mexico and the cost of cleaning up the spill may also hurt their operating results and cash flow.

BP's stock price has tumbled due to its failure to plug its blown-out seabed well. Other firms with stakes in the well, such as Anadarko, have seen their shares slammed. Transocean, the rig operator, has also been hurt.

Read Full Article from Reuters

- Posted: 2010-06-02 11:27:35

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