Ticonderoga Maintains a 'Neutral' on Anadarko Petroleum (APC); Mitsui Deepwater Horizon Settlement Gives Some Clarity
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Price: $19.25 +0.94%
Rating Summary:
21 Buy, 22 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
21 Buy, 22 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga maintains a 'Neutral' on Anadarko Petroleum (NYSE: APC).
Ticonderoga analyst says, "Mitsui subsidiary MOEX, a 10% partner in the Macondo well that spurred the Deepwater Horizon disaster, has agreed to pay $1.07 B to Operator BP (NYSE: BP)(NR) for its share of the cost of the accident. BP had billed MOEX $2.1 B; this lower payment is apparently enough that BP has agreed to drop any other demands on MOEX and is indemnifying the Japanese company for future claims."
"We believe this deal makes it more likely that BP will get some cash out of Anadarko, which held 25% of the license. Pro rating the Mitsui payment would mean a $2.65 B payment by APC (BP has billed APC $4.7 B for Macondo costs so far, plus an unspecified amount for “anticipated near-term future costs related to the Deepwater Horizon events”)."
For more ratings news on Anadarko Petroleum click here and for the rating history of Anadarko Petroleum click here.
Shares of Anadarko Petroleum closed at $71.64 yesterday.
Ticonderoga analyst says, "Mitsui subsidiary MOEX, a 10% partner in the Macondo well that spurred the Deepwater Horizon disaster, has agreed to pay $1.07 B to Operator BP (NYSE: BP)(NR) for its share of the cost of the accident. BP had billed MOEX $2.1 B; this lower payment is apparently enough that BP has agreed to drop any other demands on MOEX and is indemnifying the Japanese company for future claims."
"We believe this deal makes it more likely that BP will get some cash out of Anadarko, which held 25% of the license. Pro rating the Mitsui payment would mean a $2.65 B payment by APC (BP has billed APC $4.7 B for Macondo costs so far, plus an unspecified amount for “anticipated near-term future costs related to the Deepwater Horizon events”)."
For more ratings news on Anadarko Petroleum click here and for the rating history of Anadarko Petroleum click here.
Shares of Anadarko Petroleum closed at $71.64 yesterday.
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