Uncertainty as to the liability that BP's (NYSE:BP) partners in the Gulf of Mexico Macondo well became clearer for Anadarko (NYSE:APC) after a deal was struck between BP and Mitsui (OTC:MITSY) to pay $1.1 billion to BP for cleanup costs in the Gulf.
Mitsui owns a 10 percent stake in the well and Anadarko a 25 percent stake.
By extension, it would imply a $2.66 billion cleanup settlement for Anadarko, less than had been anticipated, pushing up the share price of the company.
Billions more will be worked out in a settlement between BP and its two partners concernings fines, and Mitsui and Anadarko appear ready to do their part and put the issue behind them.
Anadarko was trading at $75.18, gaining $3.54, or 4.94 percent, as of 11:55 AM EDT. Mitsui was trading at $334.86, up $2.24, or 0.67 percent. BP was at $44.83, rising $0.94, or 2.14 percent.
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