Text Size:
A | A

Anadarko Settles Environmental Lawsuit For $5 Billion

Text Size: A | A
By Darren Barbee, Hart Energy
April 3, 2014

Faced with the possibility of paying a $14.2 billion judgment, Anadarko Petroleum Corp. (NYSE: APC) agreed to settle legal claims against it for $5.15 billion.

The case stems from the merger seven years ago of Anadarko and Kerr-McGee. On Dec. 12, a U.S. bankruptcy judge issued an opinion saying that Anadarko should be held liable for environmental and health claims related to Kerr-McGee spinoff Tronox Inc. Initially, the government and environmental plaintiffs sought $25 billion.

In 2006, Anadarko acquired Kerr-McGee in an all-cash transaction for $16.4 billion. Prior to the ...


Already a subscriber? Log In
Password:
 
Does your company have a site license? Inquire here
Already a print subscriber? Upgrade your magazine subscription