BP (NYSE:BP) Going Legal on Partners

It's becoming clearer why Anadarko (NYSE:APC) CEO Jim Hackett went on the offensive against their partner BP (NYSE:BP) concerning who's liable from the claims concerning the oil spill, as BP has already sent them one bill in regard to the matter, and it seems the response of Hackett was an attempt to paint BP as completely liable, with Anadarko and Mitsui, the other partners in the oil well, not being liable at all.

In response to that assertion, BP is in the process of readying a lawsuit against Anadarko, saying it is "shirking its responsibilities."

Anadarko used terms like BP was guilty of "gross negligence or wilful misconduct," harking to the phrase used in the $75 million cap law, which cap is disallowed if "gross negligence or wilful misconduct" is found to be part of a particular event.

So while Anadarko is attempting to sway public opinion in the matter, they are also speaking directly to American lawmakers in regard to the terms of the financial cap being removed, which BP already had agreed to, giving the appearance they agree to the removal terms, which would indeed be connected to behavior that was described as above.

The question is whether or not lawmakers considered BP's actions as trying to work with them to remove liability limitations, or it was an admission of guilt. If it's considered an admission of guilt by BP, Anadarko could have a point there.

Anadarko is the largest junior partner, owning 25 percent of the oil well, while Mitsui is a 10 percent partner, who to this point hasn't made a decision on whether or not to admit to liability in the accident and pay a portion of the overall costs as well.

Assuming both companies refuse, there will probably be lawsuits filed against both in the case by BP.

It's hard to see them getting completely out of liability, and the market is punishing Anardarko in a way they believe they will have to pay out something.

But in the end it probably will be a decision made by the courts, and that could get down and dirty before it's all through, with potentially billions on the line for all parties involved.