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Share Price Information for BP (BP.)

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Share Price: 515.80
Bid: 516.20
Ask: 516.40
Change: 6.40 (1.26%)
Spread: 0.20 (0.039%)
Open: 508.50
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UPDATE 1-Anadarko ordered to pay $159.5 mln fine for 2010 Gulf spill

Tue, 01st Dec 2015 18:13

(Adds Justice Department comment, updated stock price)

By Jonathan Stempel

Dec 1 (Reuters) - A federal judge ordered Anadarko PetroleumCorp to pay a $159.5 million civil fine reflecting itsstake in the Gulf of Mexico well where a 2010 blowout caused thelargest U.S. offshore oil spill.

In a decision on Monday, U.S. District Judge Carl Barbier inNew Orleans said Anadarko was not at fault for the spill.

But he said the company's 25 percent ownership stake in theMacondo well made it part of the "polluting enterprise"responsible for the April 20, 2010, disaster, which included theexplosion of the Deepwater Horizon drilling rig and killed 11workers.

The penalty equates to $50 per barrel of oil spilled, wellbelow the maximum $1,100 per barrel, or $3.51 billion, penaltythat Barbier could have imposed under the Clean Water Act.

A $159.5 million fine "strikes the appropriate balancebetween Anadarko's lack of culpability and the extremeseriousness of this spill," Barbier wrote in a 34-page decision.

In Tuesday afternoon trading, Anadarko shares were up 29cents, or 0.5 percent, at $60.19.

The payout may resolve the last major legal uncertainty thatAnadarko, which is based in The Woodlands, Texas, faced over thespill.

BP Plc owned 65 percent of the Macondo well, whileMitsui & Co's MOEX Offshore 2007 LLC owned 10 percent.

In 2011, Anadarko agreed to pay BP $4 billion to help covervictim claims and cleanup costs.

BP later reached a $20.8 billion settlement with the U.S.government and five Gulf states.

The government had sought a penalty for Anadarko below $3.51billion but "significantly above $1 billion," reflecting theseriousness of the violation. Anadarko said no fine wasjustified.

In a statement, Anadarko said it is pleased that the fine is"far less" than the government sought.

It also said it may appeal and maintained that "penalizing anon-operator for events beyond its control is inconsistent withthe intent of the Clean Water Act."

The U.S. Department of Justice is pleased that Barbier heldAnadarko "accountable" for its role in the spill, spokesman WynHornbuckle said.

The case is In re: Oil Spill by the Oil Rig "DeepwaterHorizon" in the Gulf of Mexico, on April 20, 2010, U.S. DistrictCourt, Eastern District of Louisiana, No. 10-md-02179. (Reporting by Jonathan Stempel in New York; editing by AldenBentley and Cynthia Osterman)

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