Did Anadarko Get Off Lightly?
BP (NYSE:BP) and Anadarko (NYSE:APC) — partners in the ill-fated oil well which spilled in the Gulf of Mexico — have agreed on a settlement regarding cleanup costs. Anadarko will pay BP $4 billion and will not pursue its charges of ‘gross negligence’ against BP. Anadarko has probably gotten off lightly considering it may have been ordered to pay more than twice that amount had the matter been put through the courts.
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Though the market has given a positive reception to the settlement, BP’s CEO is gloomy about oil (NYSE:USO) prices. Bob Dudley sees oil (NYSE:OIL) falling to a range of $90-$100 a barrel, although he believes a double-dip recession in the U.S. is unlikely.
BP (NYSE:BP) is trading at $40.27 today, up 0.98%. Shares are down 1.82% in one year. The stock’s trading range for the year is between $33.62 and $49.50.