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Anadarko Blames BP and Will Not Pay for Reckless Decisions and Actions

Gulf-of-MexicoThe pressure just continues to mount for BP when one of its partners Anadarko Petroleum Corp. made it quite clear on Friday that the blame lay squarely with BP. The Texan company Anadarko happens to own 25 percent of the ill-fated oil well which is still gushing oil into the Gulf of Mexico.

Anadarko Chairman and CEO Jim Hackett stated that the projects operator BP should cover all costs from the spill as it acted recklessly at the Macondo drill site. Lack of monitoring and reaction to warnings makes BP responsible for damages under such conditions.

Hackett went on to say in a statement “BP’s behavior and actions likely represent gross negligence or willful misconduct and thus affect the obligations of the parties under the operating agreement.” Strong words that will have to be put to the test through the judicial process, while others in legal circles argue that Anadarko might still be liable if it is determined that abnormally hazardous activities occurred at a project in which the company has an interest.

Anadarko management is less than pleased with Moody’s Investor Services downgrading of its long term debt, placing the company’s ratings under review for further possible downgrades. New estimates just released indicate the spill could last for another four more years if not successfully stopped.

In retaliation to the Moody’s downgrade Anadarko Chief Financial Officer Robert Gwin said “Although we understand the concern over uncertainty surrounding the current situation, we believe it is too early in the process for Moody’s to take this action.”

BP stated that it “strongly disagrees” with the position that Anadarko has taken and CEO Tony Hayward also stated that his company BP expects all interested parties involved to meet their obligations in costs and liabilities.

“These allegations will neither distract the company’s focus on stopping the leak nor alter our commitment to restore the Gulf Coast,” Hayward said in yesterday’s statement.

Tony Hayward was later criticized by White House Officials for attending a yacht race around England’s Isle of Wight. In a PR blunder that showed what some called, little regard for the severity or consequences of his actions which adversely affect the American public, during these trying times.


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Posted by on Jun 19 2010. Filed under Business, Featured News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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