BP Says Anadarko to Pay $4 Billion to Settle Gulf Spill Claims

[dipsydoodle]

Source: Bloomberg News

Oct. 17 (Bloomberg) -- BP Plc, the operator of the Macondo well in the Gulf of Mexico that was the source of the worst U.S. oil spill last year, said Anadarko Petroleum Corp. will pay $4 billion to settle all claims over the disaster.

Anadarko, which had a 25 percent stake in the well, will no longer pursue allegations of gross negligence against BP. The payment will be made in a single cash payment and will be put in the $20 billion trust being used to repay claims and damages. Under the terms of the deal, Anadarko will transfer its stake in the Macondo well back to BP.

The Anadarko settlement will be a boost to BP as the oil company prepares for a February trial in New Orleans to establish liability for the catastrophe. BP would face higher fines if it’s found guilty of gross negligence for the spill, which pumped almost 5 million barrels of crude into the Gulf and forced the company to write off $41 billion. Rig owner Transocean Ltd. and Halliburton Co., which supplied cement for Macondo, are also defendants.

“This is likely to be seen as good news for BP and will increase pressure on Transocean and Halliburton to settle ahead of the multi-district litigation,” Oriel Securities Ltd. said in a note to clients.

Read more: http://www.businessweek.com/news/2011-10-17/bp-says-anadarko-to-pay-4-billion-to-settle-gulf-spill-claims.html

[They_Live]

1. That's nice.

Which Corporation is going to prison? Which one is going to restore the natural habitats for sea life? Which one will remove the poison from the waters and the venom from my blood?