There was a Senate Subcommittee hearing yesterday, BP's (NYSE:BP) oil partners in the Macondo Well distanced themselves from BP. Its investment partners are Anadarko, who owns a 25 percent stake and Mitsui owning a 10 percent stake in the well. Both companies are pointing the finger back to BP who's stake is 65 percent, saying the company was negligent in the days leading up to the explosion and sinking of the Deepwater Horizon.
James Hackett, chief executive of Anadarko said, "Our view is that this accident was preventable." They insist there is public information that clearly shows BP's negligent behavior and willful misconduct. Which Anadarko expects will clear them of all responsibility. While Mitsui has stated that they will wait until investigations are complete before making any decisions on payments.
At the hearing, executives for both companies said they were prepared and would pay if obligated. Both companies did make clear though that the procedure in cases like this put the financial responsibility upfront on the operating partner, which would be BP. Then seek contributions from the non-operating partners.
BP has billed its partners over $1 billion so far but the companies are refusing to pay. Members of the subcommittee were not pleased and said that Anadarko and Mitsui should, at the very least, set up escrow account to prove they have the funds and are wiling to pay.
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