Anadarko, BP settle Macondo damage claims

Anadarko Petroleum Corp. reports it has agreed with BP to settle “all current and future claims against Anadarko associated with the Deepwater Horizon event.”

Offshore staff

HOUSTON – Anadarko Petroleum Corp. reports it has agreed with BP to settle “all current and future claims against Anadarko associated with the Deepwater Horizon event.”

The agreement calls for a $4 billion payment to BP by Anadarko. BP will release its $6.1 billion in claims against Anadarko and forego reimbursement for any future costs related to the accident.

In addition, BP will indemnify Anadarko for damage claims 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.

10/17/2011

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