Regal Group International: Gulf of Mexico oil spill sees Anadarko Petroleum post third-quarter loss.
A $26 million lass posted by the Texas oil firm owning a stake in Bp Plc’s damaged Gulf of Mexico well.
The loss comes after the firm last year posted a profit of $200 million, or 40 cents per share for the same period last year.
In the third quarter, oil futures on the Nasdaq averaged $76.21 per barrel, a 12 % increase from the previous year, while natural gas rose by 23%.
Anadarko recently increased its 2010 oil and natural gas sales forecast for the second time this year and said it is looking to places such as Africa and the Gulf of Mexico for future growth, Regal Group International was told.
The Woodlands, Texas-based firm owns a 25% stake in BP Plc’s Macondo oil well in the Gulf of Mexico which in April of this year exploded, killing eleven platform staff and injuring 17 others and caused the largest offshore oil spill in U.S. history. BP owns 65% of the project and is also the operator.
Defending itself, Anadarko, in a June statement said that the explosion was preventable and that BP’s actions “likely represent gross negligence or willful misconduct.”
Late last month the Obama administration lifted the moratorium on deep-water drilling in the Gulf of Mexico that had been in place since the explosion, but many analysts believe that recovery for projects in the Gulf will be slow. “Whatever happens in the Gulf is not going to be as good as it would have been before,” one analyst told Regal Group International sources.
# # #
Regal Group International is a full service commodity trading advisory offering services to traders ranging from the beginner, with no experience in the markets at all, to the advanced trader who is looking for an avenue to place fast efficient orders.