As the market digests the move by Barack Obama to ban drilling at 33 locations in the Gulf of Mexico, those companies most affected by the ban are Marathon (NYSE:MRO), Anadarko (NYSE:APC), Shell (NYSE:RDS-A), along with Eni SpA, which are based in Rome.
Shell leads the way of those with most exposure to the drilling ban, with five wells affected, while Marathon, Anadarko, and Eni SpA each have three. That's according to an official at the Minerals Management Service who asked not to be named.
Shell, Marathon and Anadarko were all hit hard as the market found out about their exposure, with Anadarko taking the brunt of it with a drop of $3.24 a share, or 5.83 percent, ending the session at $52.33; Marathon lost $0.55 a share, or 1.74 percent, falling to $31.09 on the day; and Shell wasn't far behind them, losing $0.61 a share, or 1.15 percent, closing at $52.40.
Anadarko has more exposure through it 25 percent non-operating ownership in the Deepwater Horizon, which is lying at the bottom of the ocean.
No comments:
Post a Comment