Friday, June 18, 2010

Anadarko considers suing BP over ‘reckless’ actions
By Sheila McNulty in Houston
Published: June 19 2010 00:39 | Last updated: June 19 2010 00:39

"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.


“The mounting evidence clearly demonstrates that this tragedy was preventable and the direct result of BP’s reckless decisions and actions,” said Jim Hackett, Anadarko’s chief executive.

BP said it “strongly disagrees” with Anadarko’s statement.

“These allegations will neither distract the company’s focus on stopping the leak nor alter our commitment to restore the gulf coast,” said Tony Hayward, BP’s chief executive.

Anadarko has signaled several times that it may take action to limit its liabilities and did so again." More>>>>

~~~ Does this mean that US Representative Joe Barton (TX) will apologize to BP about Anadarko, too? In fact, he could make a career apologizing to BP....

An interesting fact from the Washington Post relating to US Rep Joe Barton published in the same year as the infamous "Dick Cheney lobbyist energy bill," as referred to by Hillary Rodham Clinton -- the Energy Act of 2005: "Since 1997, oil, gas, electricity, nuclear, coal and chemical companies have contributed $1.84 million to Barton, more than to any other House member. In the 2000 and 2004 elections, these same energy interests gave Bush $9.2 million, more than to any other presidential candidate." -- Washington Post (April 13, 2005)

Related posts:

U.S. Rep. Joe Barton apologizes to BP CEO for '$20 billion shakedown'

House members spar over BP fund at hearing

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