Thursday, September 2, 2010

Mariner (NYSE:ME), Apache (NYSE:APA) Shares Drop on Oil Rig Explosion

An explosion and fire on one of Mariner Energy's (NYSE:ME) oil rigs, caused the share price of the company, along with Apache Corp. (NYSE:APA) to fall on the uncertainty created around the accident.

Apache Corp. was affected because they're expected to acquire Mariner Energy.

The oil rig owned by Mariner is named "Vermilion 398," wasn't producing at the time, and word is, once the Coast Guard checked things out, no oil leaks or sheen were found in the water surrounding the rig.

After the explosion, a fire started on the Vermilion, but that is all under control.

Mariner Energy was at fell to $22.58, losing $0.77, or 3.3 percent as of 12:43 PM EDT. Apache stood at $90.48, declining $1.98, or 2.14 percent at 12:45 PM EDT.

Correction: The oil rig did have seven actives wells with it, producing about 1,400 barrels a day on average.

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