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To: DuckTapeSunroof who wrote (44089)	7/9/2010 1:20:59 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 71588

Anadarko Tells BP It’s Withholding Reimbursement Bloomberg July 09, 2010, 12:08 PM EDT By Edward Klump businessweek.com (Updates with Anadarko comments starting in second paragraph.) July 9 (Bloomberg) -- Anadarko Petroleum Corp., the Texas- based oil company with a stake in the leaking Gulf of Mexico Macondo well, said it told BP Plc it’s not paying for spill costs because the British company’s actions caused the disaster. Anadarko stands by its June 18 comments about London-based BP’s role in the incident, John Christiansen, a company spokesman, said today in an e-mail. Anadarko, based near Houston, said that day that BP’s actions related to Macondo “likely represent gross negligence or willful misconduct.” “Although we have notified BP that we are withholding reimbursement to BP at this time, we remain committed to working with BP in good faith to achieve a satisfactory resolution,” Christiansen said today. BP, which owns 65 percent of the leaking well, didn’t immediately return a phone call seeking comment on Anadarko’s statement. The company has said it expects other parties that may have responsibility for costs and liabilities to meet their obligations. Christiansen declined to say how much money Anadarko, which has a 25 percent stake in the well, is withholding. BP asked Anadarko to pay $272 million, the New York Times reported this month, citing documents released by the Senate Subcommittee on Federal Financial Management, Government Information, Federal Services and International Security. That subcommittee didn’t respond a request for comment today. Rig Explosion The oil spill began after an April 20 explosion on a rig BP leased from Transocean Ltd. to drill the well. BP is capturing some of the oil and is working on relief wells to stop the flow. Anadarko’s partnership agreement with BP calls for arbitration to resolve disputes. Mitsui Oil Exploration Co., which is 70 percent-owned by Japan’s second-biggest trading house, Mitsui & Co., has a 10 percent stake in the well. A spokesman for a unit of Mitsui Oil Exploration said he couldn’t comment. Anadarko rose $1.16, or 2.6 percent, to $45.72 as of 12:02 p.m. in New York Stock Exchange composite trading. BP’s American depositary receipts fell 66 cents, or 2 percent, to $33.08. --Editors: Kim Jordan, Tony Cox. To contact the reporter on this story: Edward Klump in Houston at eklump@bloomberg.net To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net