Anadarko (NYSE:APC): BP Is To Blame, Don't Look To Us

Anadarko (NYSE:APC) has seemed quite confident since the sinking of the Deepwater Horizon that they would not be held responsible. Many experts believe Anadarko as well as Mitsui & Co. should be putting money aside for their share of the responsibility of claims, said U.S. Representative Edward Markey.

The companies should be "contributing to any fund that is constructed for any part of the reconstruction. They cannot escape responsibility," said Markey. He also said he would fire BP's Chief Executive Officer Tony Hayward. Before a House panel yesterday, there was seven hours of testimony heard, Hayward was reamed by lawmakers. Anadarko owns a 25 percent stake, Mitsui owns a 10 percent stake in the Gulf project.

BP partners are considered investors "for better or for worse," said Markey. So they should be prepared as a partner to bear their part of the stake. Jim Hackett, Anadarko's Chief Executive Officer said today that his company will be looking to BP to pay all claims as a result of the oil spill. Hackett continued, there are documents showing that BP failed to heed "several critical warning signs" during drilling and "caused the accident by "reckless decisions and actions."

A Mitsui Oil Exploration subsidiary said,"with regard to the issue of the escrow account, drawing an immediate conclusion about the underlying matters at hand would be premature."