For its part in the Gulf oil spill, Anadarko Petroleum (NYSE:APC) has agreed to pay BP (NYSE:BP) $4 billion, higher than the $2.66 billion analysts had been looking for.
Also of importance for BP, Anadarko also agreed to drop its gross negligence charge against the oil giant.
Expectations are this will put pressure on Transocean (NYSE:RIG) and Halliburton (NYSE:HAL) to settle with BP.
BP will receive the $4 billion in a single cash payment. They'll apply the money towards the $20 billion compensation fund set up to pay out claims.
For its part, BP agreed to drop its $6.1 billion claim it had against Anadarko.
Mitsui, which had a 10 percent stake the Macondo oil well, already agreed to pay BP $1.1 billion.
According to Anakdarko's CEO Jim Hackett, the settlement will get rid of the "significant uncertainty regarding future liabilities and associated risks" which have weighed on the share price of the company over the last year and a half.
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