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Stories Stories Business Anadarko Petroleum settles U.S.-wide clean-up case for $5.15 billion

Anadarko Petroleum settles U.S.-wide clean-up case for $5.15 billion

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Written by Ramon Jesus Ragot Jr     April 04, 2014    
 
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Energy company Anadarko Petroleum Corp agreed on Thursday to pay more than $5 billion to clean up areas across the United States polluted by nuclear fuel, wood creosote and rocket fuel waste that caused cancer and other health problems.

The agreement resolves a long-running lawsuit against the Kerr-McGee energy and chemical company, which Anadarko bought in 2006. The case was brought by a trust representing the U.S. government, 11 state governments, Indian tribes and individuals.

Anadarko Petroleum settles U.S.-wide clean-up case for $5.15 billion - and its stock price jumps!

The trust was seeking cleanup costs at more than 2,000 sites nationwide. It was also seeking payment for claims from more than 8,000 people who said their exposure to Kerr-McGee's wood treatment plants in Avoca, Pennsylvania and Manville, New Jersey caused cancer, which in some cases led to death.

"If you are responsible for 85 years of poisoning the earth, you are responsible for cleaning it up," the U.S. Attorney for Manhattan, Preet Bharara, said at a news conference announcing the settlement.

[ Read Full Article:  Anadarko Petroleum settles U.S.-wide clean-up case for $5.15 billion]

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1201 Lake Robbins Drive
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NICK BROWN
Contributor's Comment
"This is a premier exploration company that has this dark cloud hanging over them and now its gone," said Fadel Gheit, oil analyst at Oppenhemier.
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