Friday, June 18, 2010

More trouble for BP
Anadarko Petroleum, which owns 25 per cent of the ruptured oil well in the Gulf of Mexico, on Friday accused BP of “reckless decisions and actions” and indicated it might sue for actions that it said “likely represent gross negligence or wilful misconduct”.

Anadarko is responsible for 25 per cent of the clean-up costs. Yet while those costs are more easily absorbed by BP, which had revenues of $239bn last year, they could be significant for Anadarko, with revenues of $9bn. Moody’s, the credit rating agency, yesterday cut its rating on Anadarko to junk status and indicated that it could cut further owing to uncertainty over the costs it would incur from the spill.
I wonder if BP was counting on Anadarko to pony up half of its annual revenues for the escrow.

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