Thread: BP trashed unfairly by Yanks?

Anadarko points finger at BP for Gulf oil spill - MarketWatch

Anadarko points finger at BP for Gulf oil spill

Moody's cuts Anadarko debt rating to junk

By Jim Jelter, MarketWatch

SAN FRANCISCO (MarketWatch) -- With billions of dollars in liability at stake, Anadarko Petroleum Corp. took direct aim Friday at BP PLC, blasting its Macondo field partner for what it called reckless behavior leading to the worst oil spill ever in U.S. waters.

"The mounting evidence clearly demonstrates that this tragedy was preventable and the direct result of BP's reckless decisions and actions," Anadarko Chairman and Chief Executive Officer Jim Hackett said in a statement.
Anadarko Petroleum has a 25% stake in the Macondo field, where BP is the operator with a 65% stake. The remaining 10% interest is held by a Houston-based energy subsidiary of Japan's Mitsui Co.

"Frankly, we are shocked by the publicly available information that has been disclosed in recent investigations and during this week's testimony that, among other things, indicates BP operated unsafely and failed to monitor and react to several critical warning signs during the drilling of the Macondo well," Hackett said.

Hackett's terse statement landed just minutes before Moody's Investor Service cut $12.6 billion worth of Anadarko debt to Ba1 from Baa3. The move puts Anadarko's debt rating at junk status, likely making it more costly for the company to borrow money.

BP wasted no time issuing its own statement, saying it "strongly disagrees" with Anadarko's allegations.

On Wednesday, BP agreed to set up a $20 billion escrow account that can be used to cover costs and damages stemming from the spill.

While the account meets a White House demand that BP take responsibility for the spill, it doesn't set a cap on liabilities or payments, leaving rating agencies and investors nervous about what the final cost might be.

Anadarko's broadside comes just a day after BP CEO Tony Hayward appeared in Washington before a House committee hearing called to find the cause of the April 20 blowout and explosion that sank the Deepwater Horizon drilling rig.

The blast killed 11 workers and left behind a ruptured well that scientists estimate is spewing up to 60,000 barrels of crude a day into the Gulf of Mexico.

Also on Friday, Edward Markey, the Massachusetts Democrat who chairs the House subcommittee on energy and the environment, told Bloomberg Television in an interview to be aired over the weekend that Anadarko and Mitsui should shoulder their share of the cleanup costs.

Concerns over who gets stuck paying for a gusher that's unlikely to be plugged for at least another month have prompted plenty of finger pointing in the industry. BP is taking most of the heat, and has been repeatedly singled out by President Barack Obama as the company responsible for the spill.

Withering criticism and market uncertainty have taken a heavy toll on BP's share price, down nearly 48% since the accident.

Anadarko's share price has fallen 42% over the same period.

Other companies caught in the Macondo well mess are Transocean, which owned the ill-fated drilling rig, and Cameron International Corp., the company that manufactured the blow-out preventer used on the well.

Transocean's shares are off 41% since April while Cameron's have fared somewhat better, down about 18%.

It's a pity, but BP is now being trashed unfairly by the Yanks.

The CEO of BP (a keen yachtie) attends the big Isle of Wight race on Saturday, to watch his yacht race as he does every year. Like big frikkin deal- not like he's asking the $20bn BP slush fund to pay for it now is it? What a ridiculous and trivial media witch hunt- and this just days after BP has agreed to put a rather substantial, independently administered fund together to compensate people- something it was not obligated to do. So lets compare that to good old homegrown Exxon shall we? No bastard got a penny out of them (except lawyers) for 19 years after the Valdez disaster. By which time a number of the Claimants were dead anyway.

So has there been a single comment in the media, or from the US government, expressing appreciation for BP's entirely voluntary act? I mean, is $20bn just a piece of small change? Has anyone deemed it worthy to compare BP's Deepwater Horizon response- namely an assurance they would take responsibilty, and a trifling $20bn Slush fund committed before the lawyers get involved- to Exxon's Valdez response- 19 years of court cases culminating in a payout of some quarter of the original judgement- without taking into account inflation?? Nope, just pages of garbage about the CEO watching a Saturday Yacht race, ffs. I mean, if there is anything at all saying "thanks BP", or even acknowledging their entirely voluntary action I've yet to see it- maybe buried in the small print somewhere.

Ken Feinberg, who's the chief of the Independent Claims Facility then comes out and urges people to come forward and stake their claim to the honey pot- promising that legitimate claims (well at least he said that) will be paid promptly. But heres the reality:-

BP Fund Is a Lure for Fraud, Legal Experts Say - NYTimes.com

And lets face it, BP can hardly have faith in the fund administrators being diligent with their money, because it's all gone political. And government bureaucrats aren't exactly reticent to give away other peoples money. So, again, lets compare the BP way to the 'American way' -

Some members of Congress called this week for BP’s minority partners in the doomed Macondo well, Anadarko Petroleum and Mitsui, to also contribute to the escrow fund.

In a statement on Friday, Anadarko emphatically rejected the notion that it was liable and said it was “shocked” by mounting evidence that “BP operated unsafely and failed to monitor and react to several critical warning signs during the drilling of the Macondo well. BP’s behavior and actions likely represent gross negligence or willful misconduct and thus affect the obligations of the parties under the operating agreement.”


[Same link as above] Yep, run for the doors, avoid responsibilty, blame it all on the other party, speak to my Attorney. Thats the 'American way'. It appears the Debt markets have a different perspective though, and Anadarko's debt has been downgraded to just above Junk status- it has a 25% interest in the Deepwater Horizon, and is nowhere near as financially strong as BP.

Joe Barton was right. It's a great shame to have to say it, but in stepping forward and taking responsibility BP has acted morally and ethically beyond reproach- but it is doing a disservice to it's shareholders. Speak to my Attorney- because thats the 'American way', and you won't get acknowledged or even thanked for doing the right thing, you'll just get fucked over.

^ The media in the US have lost the plot... They serve their own master and will put a 'spin' on any story to generate ratings & advertising $$$...

There was a time in the US when the media reported the news instead of trying to create it... Case in point, with everything that is going on around the world, one of this weeks leading stories was speculation on whether Sarah Palin has had a boob job... FFS, who is chastising the media for not doing their job...

Originally Posted by Jet Gorgon

A big uproar that Hayward took his first day off since the spill to see a yacht race. Meanwhile, Obama was on his 5th/6th round of golf.

Let him enjoy the yacht race....Hayward's days are counted.

They are talking $ 50 billion now.

I don't think BP will be able to handle this desaster. Something big has got to happen. Wake up America!!

Originally Posted by HermantheGerman

Originally Posted by Jet Gorgon

A big uproar that Hayward took his first day off since the spill to see a yacht race. Meanwhile, Obama was on his 5th/6th round of golf.

Let him enjoy the yacht race....Hayward's days are counted.

They are talking $ 50 billion now.

I don't think BP will be able to handle this desaster. Something big has got to happen. Wake up America!!

They will be able to foot the bill for this with the eventual profits of the relief wells that they are now drilling after all of their previous patently retarded attempts failed so miserably.

I live on the west coast of Florida so I am just waiting for all this oil to wash up on my local beaches.

They drilled a well so deep that the technology to cap it if it were to blow doesnt even exist. I dont blame any Country for this I blame Humanity. We are all greedy, dirty, polluters myself included that dont give one shit where our stuff comes from or where it goes after we toss it, But its up to our goverments to enact laws to change this. Its kind of difficult to recycle, reuse, save electricity, etc, etc when our goverments dont want us to.

When its cheaper to make more of something than it is to recycle it what do you think's gonna happen?

And as far as cleaning this up IMO nobody will be able to clean this up. Louisana is mostly marsh and swamp. How you gonna clean up a swamp full of oil right down into the mud? It aint gonna happen.