Friday, July 9, 2010

Anadarko (NYSE:APC) Says They're Not Paying Bill From BP (NYSE:BP)

BP (NYSE:BP) sent two of their partners in the Macondo well, Anadarko (NYSE:APC) and Mitsui, bills requesting them to pay their share of the costs incurred. BP requested the payment be made 30 days from receipt or by Friday, Anadarko has refused to pay the almost $272 million requested. Anadarko owns a 25 percent stake in the company, while Mitsui owns 10 percent.

According to the joint operating agreement, if BP is found to be reckless or negligent in the events that lead up to and caused the explosion and sinking of the Deepwater Horizon rig, it would absolve Anadarko completely. This is the stance they have taken since there was first talk about the requirements of other companies involved.

John Christiansen, Anadarko spokesman said, "Multiple proceedings and independent investigations are under way into BP's actions and decisions on the rig. Although we have notified BP that we are withholding reimbursement to BP at this time, we remain committed to working with BP in good faith."

Mark Salt, BP spokenman said, "They have failed to live up to their obligations." BP said they were disappointed and will be considering their options on the next move. Mitsui hasn't responded to BP yet. They have until July 12th to pay.

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