There are a number of things that need to be resolved before BP's (NYSE:BP) shares will be able to be released from the current constraints on them, not the least of which is the ongoing investigation by the U.S. Justice Department.
An investigation by U.S. Attorney General Eric Holder will determine whether or not BP will be designated as being grossly negligent under the Clean Water Act. If they are, their costs would be up to $17.6 billion.
They would actually be much higher though, as their partners in the failed Macondo well, Anadarko (NYSE:APC) and Mitsui (NASDAQ:MITSY), would be exempt from paying for their part in the mishap because of the terms of the partnership if BP is considered to be grossly negligent in the matter. That could be worth several billion more at minimum to them.
Other potential consequences could be the forfeiture well operating licenses and not being allowed to bid on future government contracts.
Until this is brought to a conclusion, BP shares will continue to underperform.
At this time BP is the largest operator in the Gulf of Mexico.
Showing posts with label Anadarko Liability. Show all posts
Showing posts with label Anadarko Liability. Show all posts
Monday, October 25, 2010
Tuesday, October 19, 2010
BP (NYSE:BP) Will Waive Liability Cap
Last week when BP (NYSE:BP) would go on record at a court hearing about waiving the liability cap instituted via the Oil Pollution Act of 1990, it caused a mini uproar and confusion after they had publicly stated in the past they would waive the restrictions.
That changed today and clarity was brought to the situation as BP said in a court filing they would indeed waive the liability cap.
Also per the filing, BP was generous with their advice for other major players in the Gulf spill, encouraging Transocean Holdings LLC (NYSE:RIG), Anadarko Petroleum Corp (NYSE:APC) and MOEX Offshore 2007 LLC to also waive the cap.
MOEX is the majority owner of Mitsui (Nasdaq:MITSY), which has a 10 percent stake in the Macondo oil well. Anadarko has a 25 percent stake and BP the remaining 65 percent. Transocean owned the Deepwater Horizon oil rig which was leased by BP from them.
Also in the filing BP stated it has reserved the right to go after reimbursement for money it has already paid from its partners. Much of that remains to be decided based on whether they are designated as being grossly negligent in the matter.
If they are, the other participants and owners probably won't have to pay damages to BP.
That changed today and clarity was brought to the situation as BP said in a court filing they would indeed waive the liability cap.
Also per the filing, BP was generous with their advice for other major players in the Gulf spill, encouraging Transocean Holdings LLC (NYSE:RIG), Anadarko Petroleum Corp (NYSE:APC) and MOEX Offshore 2007 LLC to also waive the cap.
MOEX is the majority owner of Mitsui (Nasdaq:MITSY), which has a 10 percent stake in the Macondo oil well. Anadarko has a 25 percent stake and BP the remaining 65 percent. Transocean owned the Deepwater Horizon oil rig which was leased by BP from them.
Also in the filing BP stated it has reserved the right to go after reimbursement for money it has already paid from its partners. Much of that remains to be decided based on whether they are designated as being grossly negligent in the matter.
If they are, the other participants and owners probably won't have to pay damages to BP.
Friday, October 8, 2010
BP (NYSE:BP) E-mails with Anadarko (NYSE:APC), MOEX, Could Determine Liability in Oil Spill
BP (NYSE:BP) said via offshore land negotiator Michael Beirne that e-mails between them and Macondo oil well partners Anadarko Petroleum Corp. (NYSE:APC) and MOEX 2007 LLC reveal they were receiving real-time data from the Deepwater Horizon oil rig in the days before the explosion which led to the oil spill in the Gulf of Mexico.
As proceedings go forward, that could be a significant part of determining financial liability for the companies.
So even while BP's costs continue to mount, eventually they could get some relief from their partners, who may have to reimburse them for billions.
The other scenario that could play out is if BP is determined to be grossly negligent in connection to the incident. In that case, their partners via the contract wouldn't be responsible for paying damages, and it could lead to many more billions in fines from the violation of the Clean Water Act.
If that isn't the case, then Anadarko and MOEX, through their majority owned Mitsui & Co (Nasdaq:MITSY), would have to pay their portion of the damages.
Mitsui and Anadarko carry almost the same market cap, so both could be hit hard from it, although Anadarko would be hit the hardest because of their 25 percent stake, as Mitsui only has a 10 percent stake in the well.
As proceedings go forward, that could be a significant part of determining financial liability for the companies.
So even while BP's costs continue to mount, eventually they could get some relief from their partners, who may have to reimburse them for billions.
The other scenario that could play out is if BP is determined to be grossly negligent in connection to the incident. In that case, their partners via the contract wouldn't be responsible for paying damages, and it could lead to many more billions in fines from the violation of the Clean Water Act.
If that isn't the case, then Anadarko and MOEX, through their majority owned Mitsui & Co (Nasdaq:MITSY), would have to pay their portion of the damages.
Mitsui and Anadarko carry almost the same market cap, so both could be hit hard from it, although Anadarko would be hit the hardest because of their 25 percent stake, as Mitsui only has a 10 percent stake in the well.
Tuesday, September 7, 2010
BP's (NYSE:BP) Internal Report to be Released Wednesday
While it won't be the final word on the matter, the internal report from BP (NYSE:BP) which investigated the causes which led up to the explosion on the Deepwater Horizon oil rig, will be released Wednesday morning, and should give a preliminary look at what went wrong.
One major piece of the puzzle missing from the report is the blowout preventer, which is considered the key piece of evidence in what went wrong that day.
The failed blowout preventer was raised from the Gulf bottom during the weekend and FBI agents were on board the BP vessel 'Helix Q4000' to take charge of it.
There has been some concern from other companies with potential liability in the oil well, like Anadarko (NYSE:APC) and Cameron International (NYSE:CAM) on how the blowout preventer will be examined.
The Department of Justice, which now has control of the preventer, hasn't communicated how it's going to proceed with the investigation at this time.
One major piece of the puzzle missing from the report is the blowout preventer, which is considered the key piece of evidence in what went wrong that day.
The failed blowout preventer was raised from the Gulf bottom during the weekend and FBI agents were on board the BP vessel 'Helix Q4000' to take charge of it.
There has been some concern from other companies with potential liability in the oil well, like Anadarko (NYSE:APC) and Cameron International (NYSE:CAM) on how the blowout preventer will be examined.
The Department of Justice, which now has control of the preventer, hasn't communicated how it's going to proceed with the investigation at this time.
Wednesday, August 11, 2010
Transocean (NYSE:RIG), Cameron (NYSE:CAM), Anadarko (NYSE:APC), Halliburton (NYSE:HAL), BP (NYSE:BP) All of Stake in Salvaging Deepwater Horizon
Transocean (NYSE:RIG), Cameron (NYSE:CAM), Anadarko (NYSE:APC), Halliburton (NYSE:HAL) and BP (NYSE:BP) all have a serious stake in the outcome of the salvage operations soon to begin in the Gulf of Mexico of the destroyed Deepwater Horizon oil rig.
While some have expressed doubt concerning the need for the oil companies involved in the Deepwater Horizon accident in the Gulf of Mexico to be those that salvage the wreckage, the diverse and opposite interests of the companies all but assure it'll be one of the most honest operations there can be under the conditions.
Already a number of very public battles of words has ensued between the companies, underscoring the billions at stake, which in some cases with the smaller oil companies above, could drag them into bankruptcy.
Consequently, nobody is going to allow the other to do something which could hurt them in the salvage operation, and so every jot and tittle of the process will be recorded and responded to.
There will also be the presence of the Coast Guard who will help to keep things on the up and up as well.
Some of the things of interest will be first and foremost, the blowout preventer and if it failed. That would link directly to Cameron International, which made the system, and could and will be held liable if that is the ultimate cause of the accident.
Transocean's liability is the rig itself, which it owned and leased to BP, and Halliburton's will be the cementing of the well, which their crew did the work on. Anadarko was a 25 percent partner in the project, and Mitsui was a 10 percent owner.
So salvaging the wrecked Deepwater Horizon will be one of the most important part of the liability issue, as it'll determine the extent of BP's liability in the accident, along with that of the remaining companies too.
While some have expressed doubt concerning the need for the oil companies involved in the Deepwater Horizon accident in the Gulf of Mexico to be those that salvage the wreckage, the diverse and opposite interests of the companies all but assure it'll be one of the most honest operations there can be under the conditions.
Already a number of very public battles of words has ensued between the companies, underscoring the billions at stake, which in some cases with the smaller oil companies above, could drag them into bankruptcy.
Consequently, nobody is going to allow the other to do something which could hurt them in the salvage operation, and so every jot and tittle of the process will be recorded and responded to.
There will also be the presence of the Coast Guard who will help to keep things on the up and up as well.
Some of the things of interest will be first and foremost, the blowout preventer and if it failed. That would link directly to Cameron International, which made the system, and could and will be held liable if that is the ultimate cause of the accident.
Transocean's liability is the rig itself, which it owned and leased to BP, and Halliburton's will be the cementing of the well, which their crew did the work on. Anadarko was a 25 percent partner in the project, and Mitsui was a 10 percent owner.
So salvaging the wrecked Deepwater Horizon will be one of the most important part of the liability issue, as it'll determine the extent of BP's liability in the accident, along with that of the remaining companies too.
Tuesday, August 10, 2010
Can BP (NYSE:BP), Anadarko (NYSE:APA), Mitsui (Nasdaq:MITSY) Partnership Survive?
In the midst of the storm surrounding BP (NYSE:BP), one thing largely lost, but not completely forgotten, is the ongoing partnership in the Macondo oil well between BP (NYSE:BP), Anadarko (NYSE:APA) and Mitsui (Nasdaq:MITSY).
Clouding the relationship, although not legal standing, is the attempt be BP to pass on expenses for the Gulf accidents to its partners, who in the case of Anadarko owns 25 percent in the oil well, while Mitsui owns 10 percent via its MOEX Offshore 2007 LLC unit. BP owns the remaining 65 percent.
The bill sent to Anadarko is over $1 billion, while MOEX has been sent $480 million.
Anadarko, who could be hurt deeply if they end up having to pay a lot, are counting on BP being designated as being grossly negligent in their actions, as that could eliminate Anadarko from being liable for the damage from the spill. A similar case could be made for MOEX.
With close to $4 billion in oil still in the well, it remains to be seen if that will tapped again by BP, which would give their partners some incentive to continue working together.
Still, depending on the outcome, that isn't that much when in the case of Anadarko it would only make them break even, and even if the decision to drill again is made in the future, it would probably be several years before it were to happen, hitting the partnership hard for the two smaller energy companies.
There is also the very public castigation of BP by Anadarko, which could have brought things beyond business to being personal. If that is part of the current underneath the story, we could see things more hostile and unable to be fixed, rather than a continuation of the partnership.
Clouding the relationship, although not legal standing, is the attempt be BP to pass on expenses for the Gulf accidents to its partners, who in the case of Anadarko owns 25 percent in the oil well, while Mitsui owns 10 percent via its MOEX Offshore 2007 LLC unit. BP owns the remaining 65 percent.
The bill sent to Anadarko is over $1 billion, while MOEX has been sent $480 million.
Anadarko, who could be hurt deeply if they end up having to pay a lot, are counting on BP being designated as being grossly negligent in their actions, as that could eliminate Anadarko from being liable for the damage from the spill. A similar case could be made for MOEX.
With close to $4 billion in oil still in the well, it remains to be seen if that will tapped again by BP, which would give their partners some incentive to continue working together.
Still, depending on the outcome, that isn't that much when in the case of Anadarko it would only make them break even, and even if the decision to drill again is made in the future, it would probably be several years before it were to happen, hitting the partnership hard for the two smaller energy companies.
There is also the very public castigation of BP by Anadarko, which could have brought things beyond business to being personal. If that is part of the current underneath the story, we could see things more hostile and unable to be fixed, rather than a continuation of the partnership.
Thursday, August 5, 2010
Why Transocean (NYSE:RIG) Cited BP (NYSE:BP) Contract in Filing
After a somewhat disappointing performance in the last quarter, Transocean (NYSE:RIG) decided it was time to point to their contract with BP (NYSE:BP) and how it protects them from the majority of claims and lawsuits which are being leveled against BP.
In a required regulatory filing with the U.S. Securities and Exchange Commission, Transocean cited their contract, which evidently entails about 400 pages, saying it protects the company the majority of damages resulting from the Deepwater Horizon explosion that led to the oil leaking into the ocean, and loss of 11 workers.
One are it doesn't protect them in is with nine of the workers, who had worked for Transocean. The remaining two that perished in the accident worked for BP.
This is important for Transocean, and the reason they bring it up at this time is a form of guidance for their shareholders and potential investors.
If it isn't clear as to the level of liability faced by Transocean in the Macondo oil well disaster, most will sit on the sidelines until that becomes clearer.
Transocean is attempting to eliminate that potential scenario by pointing to the terms of the contract, which others feel that have a solid case for.
Others like Anadarko Petroleum (NYSE:APA) and Mitsui (Nasdaq:MITSY), while under different contracts, are also waiting things out before committing to paying any funds. They'll probably wait for the final determination as to whether or not BP is identified as reckless in the matter, which could be a strong impetus for them to continue to resist paying the bills BP is sending them, and fight it out in arbitration, which the contracts call for, or possibly in court if they have to.
In a required regulatory filing with the U.S. Securities and Exchange Commission, Transocean cited their contract, which evidently entails about 400 pages, saying it protects the company the majority of damages resulting from the Deepwater Horizon explosion that led to the oil leaking into the ocean, and loss of 11 workers.
One are it doesn't protect them in is with nine of the workers, who had worked for Transocean. The remaining two that perished in the accident worked for BP.
This is important for Transocean, and the reason they bring it up at this time is a form of guidance for their shareholders and potential investors.
If it isn't clear as to the level of liability faced by Transocean in the Macondo oil well disaster, most will sit on the sidelines until that becomes clearer.
Transocean is attempting to eliminate that potential scenario by pointing to the terms of the contract, which others feel that have a solid case for.
Others like Anadarko Petroleum (NYSE:APA) and Mitsui (Nasdaq:MITSY), while under different contracts, are also waiting things out before committing to paying any funds. They'll probably wait for the final determination as to whether or not BP is identified as reckless in the matter, which could be a strong impetus for them to continue to resist paying the bills BP is sending them, and fight it out in arbitration, which the contracts call for, or possibly in court if they have to.
Wednesday, August 4, 2010
Anadarko (NYSE:APC) Loses $40 Million in Second Quarter
Anadarko Petroleum Corp. (NYSE:APC) had another quarter of losses, although this time around they were able to narrow it to $40 million, or 8 cents a share, far better than the $226 million loss, or 48 cents a share last year in the same quarter.
Revenue for the quarter increased significantly to $2.6 billion, up from the $1.9 billion. The company said rising sale volumes led the way there. Higher crude oil prices also helped the energy company.
Revenue was short of the $2.753 billion analysts from Thomson Reuters were looking for, and excluding one-time items, recorded earnings of 49 cents a share. Analysts estimated 35 cents a share for earnings.
Guidance for sales volumes of oil and gas were increased to a range of 232 million to 236 million barrels of equivalent.
Even though they don't want to, Anadarko is a victim of the Gulf oil spill as well, and like BP, shareholders and investors are watching from the sidelines to see what the end play there will be.
Anadarko is basing its defense in liability in the Gulf in what the final determination of BP's (NYSE:BP) role in it was; whether they are deemed reckless or not.
If they are identified as such, Anadarko would have solid support to battle against paying BP the $1.2 billion bill they've handed them for being a 25 percent partner in the Macondo well.
If they are said to be reckless, then Anadarko could have a more difficult time defending itself from liability, which could crush the company for a period of time.
Anadarko addressed the issue in their earnings report, again saying the oil spill "was preventable and likely the result of gross negligence or willful misconduct."
Revenue for the quarter increased significantly to $2.6 billion, up from the $1.9 billion. The company said rising sale volumes led the way there. Higher crude oil prices also helped the energy company.
Revenue was short of the $2.753 billion analysts from Thomson Reuters were looking for, and excluding one-time items, recorded earnings of 49 cents a share. Analysts estimated 35 cents a share for earnings.
Guidance for sales volumes of oil and gas were increased to a range of 232 million to 236 million barrels of equivalent.
Even though they don't want to, Anadarko is a victim of the Gulf oil spill as well, and like BP, shareholders and investors are watching from the sidelines to see what the end play there will be.
Anadarko is basing its defense in liability in the Gulf in what the final determination of BP's (NYSE:BP) role in it was; whether they are deemed reckless or not.
If they are identified as such, Anadarko would have solid support to battle against paying BP the $1.2 billion bill they've handed them for being a 25 percent partner in the Macondo well.
If they are said to be reckless, then Anadarko could have a more difficult time defending itself from liability, which could crush the company for a period of time.
Anadarko addressed the issue in their earnings report, again saying the oil spill "was preventable and likely the result of gross negligence or willful misconduct."
Tuesday, August 3, 2010
BP (NYSE:BP) Sends Mitsui (Nasdaq:MITSY) Bill for $480 Million
Mitsui (Nasdaq:MITSY), which has refused to comment for the duration of the BP (NYSE:BP) oil spill, especially when it has been noted they've received bills from BP in connection with the disaster, reported it has received a bill from BP of $480 million.
The reason for the bill is Mitsui is a 10 percent partner in the project. Also being billed during the cleanup efforts has been Anadarko (NYSE:APC), which has also been billed.
Anadarko has been very verbal about not paying the bills, saying it was the reckless behavior of BP which led to the catastrophe. Mitsui, on the other hand, has refused to comment and has been on the sidelines watching until the appropriate moment. Anadarko has a 25 percent stake in the Macondo well.
Terms of their partnership include an arbitration clause, which the companies could enter into if BP continues to press the matter, as they seem to be more than willing to do.
The reason for the bill is Mitsui is a 10 percent partner in the project. Also being billed during the cleanup efforts has been Anadarko (NYSE:APC), which has also been billed.
Anadarko has been very verbal about not paying the bills, saying it was the reckless behavior of BP which led to the catastrophe. Mitsui, on the other hand, has refused to comment and has been on the sidelines watching until the appropriate moment. Anadarko has a 25 percent stake in the Macondo well.
Terms of their partnership include an arbitration clause, which the companies could enter into if BP continues to press the matter, as they seem to be more than willing to do.
Wednesday, July 14, 2010
BP (NYSE:BP) Partners Refuse to Pay Gulf Bills
BP (NYSE:BP) is alone in paying for the Gulf cleanup and liabilities, even though they are not the sole owners of the properties. Anadarko Petroleum (NYSE:APC) and Mitsui of Japan, are 25 percent and 10 percent owners respectfully, while BP is the majority owner with their 65 percent stake.
Although the agreement of ownership includes a clause which requires Anadarko and Mitsui to pay for problems related to the Macondo oil well, it also includes an out, which relates to if there were reckless actions which led to an accident.
In this case, Anadarko especially, has asserted BP has been reckless in the matter, and so they are released from having to pay a portion of the costs, even though they are owners.
Mitsui, throughout the entire situation, have refused to comment.
Anadarko has been sent a $272 million bill most recently, while Mitsui has been sent a bill for $111 million.
Although the agreement of ownership includes a clause which requires Anadarko and Mitsui to pay for problems related to the Macondo oil well, it also includes an out, which relates to if there were reckless actions which led to an accident.
In this case, Anadarko especially, has asserted BP has been reckless in the matter, and so they are released from having to pay a portion of the costs, even though they are owners.
Mitsui, throughout the entire situation, have refused to comment.
Anadarko has been sent a $272 million bill most recently, while Mitsui has been sent a bill for $111 million.
$100 Million Bill Sent to BP (NYSE:BP), Anadarko (NYSE:APC) Transocean (NYSE:RIG), Others
The U.S. government sent another bill to those being held responsible for the Gulf oil spill, including BP (NYSE:BP), Anadarko Petroleum (NYSE:APC) Transocean Holdings Incorporated (NYSE:RIG), Anadarko E&P Company and MOEX Offshore.
This bill isn't that much below the combined total of the other three bills sent them, which came to over $122 million, which have been paid in full.
Charges, which were just under $100 million, were related to cleanup operations related to the oil spill, which spread across over 24 government agencies; both federal and state.
According to the bill, they "check or money order" should be payable to the U.S. Coast Guard.
This bill isn't that much below the combined total of the other three bills sent them, which came to over $122 million, which have been paid in full.
Charges, which were just under $100 million, were related to cleanup operations related to the oil spill, which spread across over 24 government agencies; both federal and state.
According to the bill, they "check or money order" should be payable to the U.S. Coast Guard.
Friday, July 9, 2010
Citigroup (NYSE:C) Maintains Anadarko (NYSE:APC) "Buy" Rating
Citigroup reiterated its "Buy" rating on Anadarko Petroleum (NYSE:APC) today, keeping a target price of $75 as well.
Analysts at Citi said, "We spent time on the road this week with Anadarko Chairman, Jim Hackett, visiting investors in Beijing and Tokyo. The meetings were well received and Mr. Hackett appeared confident that the company will prevail in its stance that it will ultimately not be liable for 25% of the total costs associated with the Macondo oil disaster due to a series of bad decisions by BP (NYSE:BP) in the last 48 hours leading up to the well blowout, which likely constitute gross negligence."
Anadarko continues to resist paying out anything connected to the Gulf oil spill, leading to an eventual showdown with partner BP. Anadarko holds a 25 percent stake in the oil well involved with the spill.
Analysts at Citi said, "We spent time on the road this week with Anadarko Chairman, Jim Hackett, visiting investors in Beijing and Tokyo. The meetings were well received and Mr. Hackett appeared confident that the company will prevail in its stance that it will ultimately not be liable for 25% of the total costs associated with the Macondo oil disaster due to a series of bad decisions by BP (NYSE:BP) in the last 48 hours leading up to the well blowout, which likely constitute gross negligence."
Anadarko continues to resist paying out anything connected to the Gulf oil spill, leading to an eventual showdown with partner BP. Anadarko holds a 25 percent stake in the oil well involved with the spill.
Thursday, July 8, 2010
Anadarko Petroleum (NYSE:APC), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM), BP (NYSE:BP) - All Soar
Why name this oil companies: Anadarko Petroleum (NYSE:APC), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM) and BP (NYSE:BP), as significant in soaring in share price? All of them are connected in one degree or another to the Gulf oil spill, and have been in general, beaten down because of the uncertainty as to their ultimate liability in the accident.
Even with the broad upward movement of the market Wednesday, this group of oil companies outperformed for the day.
Anadarko was the top performer of them all of those listed here, closing the trading session at $41.59, a gain of $2.95, or 7.63 percent.
Next was Transocean, which increased to $51.14 at close, gaining $2.99, or 6.21 percent.
Halliburton was in the middle of the pack, ending the day at $27.99, an increase of $1.53, or 5.78 percent.
Cameron International was just behind them, closing at $34.06, a gain of $1.85, or 5.74 percent.
BP continued their rally as well, gaining $1.28, to end the day at $33.19. That was a 4.01 percent move up, bringing their market cap back above $100 billion, to $103.91 billion.
Even with the broad upward movement of the market Wednesday, this group of oil companies outperformed for the day.
Anadarko was the top performer of them all of those listed here, closing the trading session at $41.59, a gain of $2.95, or 7.63 percent.
Next was Transocean, which increased to $51.14 at close, gaining $2.99, or 6.21 percent.
Halliburton was in the middle of the pack, ending the day at $27.99, an increase of $1.53, or 5.78 percent.
Cameron International was just behind them, closing at $34.06, a gain of $1.85, or 5.74 percent.
BP continued their rally as well, gaining $1.28, to end the day at $33.19. That was a 4.01 percent move up, bringing their market cap back above $100 billion, to $103.91 billion.
Thursday, July 1, 2010
Anadarko (NYSE:APC) Could Have to Pay for Part of Gulf Spill
Recent rumblings from politicians and BP (NYSE:BP) concerning sharing liability in the Gulf oil spill made me wonder how long it would take for the focus to center on Anadarko Petroleum (NYSE:APC), and it seems its time has come, as an article in the Financial Times asserts they were much more aware of what was going on prior to the accident and gave approval to the overall well designs for Macondo.
It's interesting to see the British-based Times report this story, as it does offer some aid to BP in the sense of potentially reducing the amount they may have to pay for damages related to the oil spill.
Anadarko has been battling prior to this to minimize their exposure, pointing out the "reckless" behavior of BP concerning handling the way the well and oil rig were being operated.
But with the approval of the key oil well designs by Anadarko, and their alleged awareness of the key operational decisions being by BP, they can't argue they were clueless and had no idea what was going on with BP and why they did what they did, like they've been attempting to paint themselves as having been in the situation.
Being a 25 percent partner in the oil well, this could come back to bite and haunt Anadarko if they even have to pay close to the percent they own in the project.
It's interesting to see the British-based Times report this story, as it does offer some aid to BP in the sense of potentially reducing the amount they may have to pay for damages related to the oil spill.
Anadarko has been battling prior to this to minimize their exposure, pointing out the "reckless" behavior of BP concerning handling the way the well and oil rig were being operated.
But with the approval of the key oil well designs by Anadarko, and their alleged awareness of the key operational decisions being by BP, they can't argue they were clueless and had no idea what was going on with BP and why they did what they did, like they've been attempting to paint themselves as having been in the situation.
Being a 25 percent partner in the oil well, this could come back to bite and haunt Anadarko if they even have to pay close to the percent they own in the project.
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