BP (NYSE:BP) stock prices drop as many are wondering about oil futures, this drop is due to Anadarko Petroleum (NYSE:APC) making it clear that they are refusing to pay their share, being 25 percent of the oil cleanup costs. Typically in a situation like what has happened in the Gulf of Mexico, all companies involved that have a stake in the company are liable. By law, the only exception is if BP were to be found negligent. Then Anadarko may be released of any liability and would not have to pay anything.
BP shares were down 4.4 percent to $30.34. That's almost a 50 percent drop from where they closed on April 20th. While Anadarko's shares saw a jump in trading of 1.3 percent.
Monday morning BP stated that the oil spill response had reached 2 billion. They said they've paid out over 32,000 claims of the more than 65,000 claims they've received. In excess of $105 million. In a statement BP said, "it is too early to quantify other potential costs and liabilities associated with the incident."
Mike Tosaw, investment advisor representative of Know Your Options Incorporated stated,
"over the short term we're not touching it with a 10 foot poll," although he does expect it to make it over the long term. Tosaw continues, "I personally am not putting my money where my mouth is on that. There's just too much uncertainty with it."
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