Energy Companies See Gains as Oil Spill Fallout Subsides

BP PLC (NYSE:BP) shares are up over 3.3% today on news that Weatherford Intl. (NYSE:WFT) has agreed to pay some $75 million to settle claims emerging from the Macondo well explosion and oil spills in the Gulf of Mexico last year. BP estimates that total costs from the incident will now exceed $6 billion. Neither BP or Weatherford has accepted full responsibility for the catastrophe, though both companies agreed to release each other from further claims. BP reps say they are “working” to make sure that Haliburton (NYSE:HAL) and Anadarko Petroleum Corp. (NYSE:APC) “contribute appropriately” to the costs of the incidents. Both companies were involved in the construction and finishing of the well that exploded.

BP (NYSE:BP) is now looking to move forward from the tragedy and resume drilling in the gulf, with Chairman Carl-Henric Svanberg telling a conference in Sweden today that the company is “not far away” from restarting activity in the region.

The broader energy markets were up across the board today on hopes of renewed economic confidence following recent positive news on the Greece front. NYSE Orca Oil Index (XOI) is up over 2%, while Natural Gas (XNG), and the Philadelphia Oil Index (OSX) are also posting gains of 1.7 and 1.72% respectively. Leading the way among publicly traded energy stocks today are companies Tesero Corp. (NYSE:TSO) up 5.14%, Consol Energy (NYSE:CNX) jumping 4.08% and Exterran Holdings (NYSE:EXH) up 3.65%.

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