Tuesday, May 4, 2010

BP (NYSE:BP) Wants Partners to Share Costs

BP (NYSE:BP) has backed off taking full responsibility for the costs of the cleanup of the oil spill resulting from the explosion on the Deepwater Horizon oil rig, and now are saying thier partners in the project should bear some of the costs as well, specifically Transocean (NYSE:RIG) and Anadarko (NYSE: APC).

Others which may eventually bear some of the costs are Cameron International (NYSE:CAM), Hero Offshore (Nasdaq:HERO) and Halliburton (NYSE:HAL), all of which has some type of responsibility in the operation.

Estimates continue to rise on the costs of cleaning up the oil spill, now reaching up to $15 billion.

Responding to expectations from the White House that BP should be responsible for cleaning up the mess, BP’s chief executive officer Tony Hayward said other companies should have to pay as well.

Companies are waiting to find out what caused the explosion before making any decisions.

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