Tuesday, June 1, 2010

Buying Oil Futures Biggest Oil Stock Drop In History Anadarko (NYSE:APC) BP (NYSE:BP) Transocean (NYSE:RIG) Halliburton (NYSE:HAL) Cameron (NYSE:CAM)

As well as BP, Anadarko, Transocean, and Halliburton all see significant drops at the close of the New York Stock Exchange at 4:00 pm. This was the foreseen outcome if BP failed on their "top kill" attempt. For Anadarko, this is their biggest loss on record.

Anadarko dropped 20 percent to $42.10, they own a 25 percent stake in the well. Transocean is the company responsible for leasing the drilling rig to BP which exploded on April 20th. They dropped to $50.04 which is a 12 percent loss.

Then there is Halliburton. They provided oilfield services on the well itself, dropped to $21.15 at a loss of 15 percent. Cameron plunged as well. They are responsible for the blowout preventer for Transocean's Deepwater Horizon Rig. Their are down to $31.89, losing 12 percent.

Finally, there's BP who had it's biggest decline since 1992. In one day BP lost 18 billion dollars of their market value, for a total market value loss of 68 billion dollars since April 20th.

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