Saturday, June 19, 2010

BP (NYSE:BP), Anadarko (NYSE:APC), Battling over Claims Liability

The decision by Anadarko (NYSE:APC) to again point the finger at BP (NYSE:BP), calling the "reckless" and saying their performance was the equivalent of "gross negligence," is a prelude to what we'll see soon, as the focus on BP expands to other oil companies with connections to the Deepwater Horizon oil rig and the explosion on it that resulted in the oil spill expanding across the Gulf of Mexico.

BP recently reminded their "partners" that they're going to have to pay their part in claims related to the spill, and that seems to have made some nervous, especially Anadarko, which has a 25 percent stake in the oil well.

James Hackett, chief executive of Anadarko Petroleum, said this on Friday, "The mounting evidence clearly demonstrates that this tragedy was preventable and the direct result of BP's reckless decisions and actions."

BP responded to that comment, saying that it "strongly disagrees" with the conclusions of Anadarko.

Claims from BP are it can require their other partners in the oil well to help pay for the damages related to claims, which would include, along with Anadarko Petroleum - Transocean (NYSE:RIG), Halliburton (NYSE:HAL), and possibly Cameron International (NYSE:CAM), who made the blowout preventer which evidently failed.

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