12 h 21 oct. 2011 ans - Anadarko settles Macondo Claims for $4B

Description:

Anadarko settles with BP for $4 billion & transfers its 25% stake in Mississippi Canyon Block 252 (Macondo Prospect) to BP & is indemnified by BP for all costs related to the oil spill, including those arising under the Oil Pollution Act of 1990

21 October 2011 1:42 GMT UPDATED 21 October 2011 1:42 GMT By ANTHONY GUEGEL Houston

"Under the terms of the settlement agreement, Anadarko agrees to pay $4 billion to BP, and both parties have agreed to mutually release claims against each other. As part of this agreement, BP will release its claims against Anadarko for approximately $6.1 billion of outstanding invoices received to date, as well as to forego reimbursement for any future costs related to the event.

As part of this agreement, BP will release its claims against Anadarko for about $6.1 billion of outstanding invoices received to date as well as forego reimbursement for any future costs related to the incident.

In addition, BP will fully indemnify Anadarko for damage claims arising under the Oil Pollution Act, claims for natural resource damages and associated damage-assessment costs, and any claims arising under the relevant joint operating agreement. Anadarko also will transfer its 25% interest in Mississippi Canyon Block 252 (Macondo) to BP.

"This settlement agreement with BP is the right action for our stakeholders, as it removes significant uncertainty regarding future liabilities and associated risks," said Jim Hackett, Anadarko chairman and chief executive officer. "With this issue resolved, we believe focus will return to the tremendous value embedded in our asset base and the company's operational and exploration success that have been under-valued during the last 18 months. Importantly, BP has committed to use the funds to pay the claims of individuals and entities affected by the Deepwater Horizon event."

Anadarko will record a $4 billion liability associated with this settlement in its third-quarter 2011 financials. The company will remit the settlement amount to BP within 45 days and plans to fund the payment with a combination of cash on hand and drawing down funds from its $5 billion credit facility.

Anadarko expects to receive in excess of $163 million of net proceeds from its insurance providers and plans to repay borrowings under its credit facility with a portion of the proceeds from a possible monetization of its Brazilian subsidiary.

The company expects to open a data room for its Brazilian properties later this year, with anticipated closing of a sale in 2012, subject to the terms achieving the company's desired value thresholds and regulatory approval."

Ajouté au bande de temps:

Date:

Les images: