Thursday, May 13, 2010

Anadarko Petroleum Corporation (NYSE:APC) Has Dropped 22 Percent In New York Trading

Anadarko Petroleum Corporation (NYSE:APC) has plummeted from first to third, since the April 20th explosion. This is among the U.S. oil companies by their market value.

Among Anadarko falling 22 percent, BP has fallen 16 percent. Japan's Mitsui & Co., has a 10 percent stake in Macondo and is five times Anadarko's size by revenue, is down 8.7 percent.

There's also a huge loss of production since the explosion aboard the Deepwater Horizon. At 5,000 barrels a day, that's close to $400,000 a day worth being lost.

Anadarko has insurance coverage of about $177.5 million dollars on Macondo. BP said today, it's already spent $450 million on the spill.

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