Anadarko Petroleum Corporation (APC)

[DewDiligence]

APC/Mitsui Should Fund Escrow, Says Louisiana Treasurer

http://www.marketwatch.com/story/louisiana-bp-partners-should-join-spill-escrow-2010-06-24

›June 24, 2010, 4:42 p.m. EDT

SAN FRANCISCO (MarketWatch) -- Louisiana state treasurer John Neely Kennedy called Thursday for Anadarko Petroleum Corp. (NYSE:APC) and Mitsui Oil Exploration (NASDAQ:MITSY) to contribute the Gulf spill escrow fund, a $20 billion account BP (NYSE:BP) agreed to set up last week. The fund will cover costs and damages stemming from the worst oil spill to ever hit U.S. waters. Anadarko owns a 25% stake in the well, where the Houston-based energy subsidiary of Japan's Mitsui Co. holds 10% interest in the Macondo field. BP is the well operator and has a 65% stake. Kennedy said Anadarko and Mitsui share in the reward and risk associated with the well and should contribute to the escrow fund. "This will also help safeguard Lousiana's interests and hedge our bets against a possible BP bankruptcy," Kennedy said.‹