Anadarko tries to distance itself from BP as Gulf of Mexico cleanup bill hits US$2 bln

As Tony Hayward, CEO of BP (NYSE:BP, LON:BP) took another bashing from US politicians yesterday after being snapped sailing off the Isle of Wight, Anadarko Petroleum (NYSE:APC) tried to distance itself from the potential liabilities of the worst oil spill in history of drilling in the Gulf of Mexico.
BP responded this morning to Anadarko’s statement that it was refusing to accept any responsibility for the oil spill, claiming that BP was ‘grossly negligent’ or engaged in ‘willful misconduct’ as the operator of Block 252 and was therefore exempt from any liability of the Deepwater Horizon disaster.

BP walked a public relations tightrope responding this morning, stating that it would still meet its promise to clean up the spill and pay all legitimate claims from businesses or individuals impacted by the spill, but also said this morning that it ‘strongly disagrees’ with Anadarko’s allegations.

"These allegations will neither distract the company's focus on stopping the leak nor alter our commitment to restore the Gulf coast," said BP's embattled CEO Tony Hayward. "Other parties besides BP may be responsible for costs and liabilities arising from the oil spill, and we expect those parties to live up to their obligations.  But how the costs and liabilities are eventually allocated between various parties will not affect our unwavering pledge to step forward in the first instance to clean up the spill and pay all legitimate claims in an efficient and fair manner."

BP went on to note that under the operating agreement, all parties would share the costs of operations, including any clean up or spill from drilling.

“Further, all the co-owners of the leasehold interest filed documents with the U. S. federal government clearly certifying that each would be jointly and severally liable, together with any other responsible parties, for oil spill removal costs and damages in accordance with the Oil Pollution Act of 1990,” BP added.

While shares in BP have taken the hardest hit from the oil spill, shares in Anadarko have also plunged in recent weeks as investor worry about its exposure to the total clean-up cost.  Anadarko also announced this morning that it had asked a court to cancel a six month contract to lease an offshore rig from Noble Corp, claiming the ban on new drilling in the Gulf of Mexico had triggered a “force majeure” provision.

BP also updated shareholders on its progress to stop the leak in the Gulf of Mexico. The company now has two systems installed to collect oil from the Deepwater Horizon’s failed blow-out preventer.  On June 19, a total of approximately 11,050 barrels of oil was collected and 25.6 million cubic feet of natural gas was flared on the Discoverer Enterprise.  In the same 24-hour period, 9,990 barrels of oil and 17.8 million cubic feet of natural gas were flared on the Q4000.

http://www.proactiveinvestors.co.uk/companies/news/17927/anadarko-tries-to-distance-itself-from-bp-as-gulf-of-mexico-cleanup-bill-hits-us2-bln-17927.html