The oil and gas sector is taking a big hit today, especially BP (NYSE:BP) and companies like Anadarko (NYSE:APC), Transocean (NYSE:RIG) and Halliburton (NYSE:HAL) which have a connection of one type or another to the explosion and sinking of the Deepwater Horizon oil rig which led to the oil spill.
After failing to quickly end the flow of oil into the Gulf of Mexico through their Top Kill attempt over Memorial Day weekend, BP and others are paying the price together, as they're punished by investors and the unknown fallout from the failure to cap the well, which now could end up lasting close to three more months before an almost guaranteed procedure is completed.
As of about 1:00 p.m. EDT, Anadarko was down $7.47 a share, to $44.86, a 14.27 percent drop; Transocean dropped $4.15 a share, to $55.62, a 7.31 percent fall; Halliburton was off $3.00, to $21.83 a share, a 12.08 percent plunge, and BP was down $4.99, to $37.94, a decline of 12.08 percent.
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