Settle

Anadarko Petroleum Corp., which was a 25% owner of the doomed Macondo well in the deepwater Gulf of Mexico, has agreed to pay BP plc $4 billion to settle claims relating to last year’s well blowout and oil spill and will no longer pursue claims of gross negligence against the oil major. The settlement, which BP said was not an admission of liability, ends a dispute with Anadarko about how to divvy up responsibility to compensate those affected by the tragedy. In May a unit of Mitsui Ltd., which owned a 10% stake in the BP-operated well, agreed to pay nearly $1.07 billion for related damages (see NGI, May 23). Under terms of the settlement, Anadarko agreed to transfer its stake in the Macondo well back to BP, and BP agreed to indemnify Anadarko for some claims, excluding the civil, criminal and administrative fines and potential claims for punitive damages.

Anadarko Petroleum Corp., which was a 25% owner of the doomed Macondo well in the deepwater Gulf of Mexico (GOM), has agreed to pay BP plc $4 billion to settle claims relating to last year’s well blowout and oil spill and will no longer pursue claims of gross negligence against the oil major.

August natural gas futures managed to hold on to early gains and settle squarely in the bullish camp perplexing some traders. Longer-term observers see a strong physical market and the need to price in reduced injections in upcoming weeks. At the close August had risen 8.3 cents to $4.288, and September had gained 7.3 cents to $4.277. August crude oil fell $1.05 to $95.15/bbl.

April natural gas futures drifted lower Wednesday in uninspired activity as traders monitored what seemed to be an ongoing struggle for the April contract to settle above $4.

Gasco Energy Inc. has agreed to pay $350,000 and provide for air pollution controls at its facilities in the Uinta Basin to settle allegations that it violated the Clean Air Act at a compressor station in Utah, the Environmental Protection Agency (EPA) said. The company disclosed the violations voluntarily.

Natural gas futures bulls made another assault on resistance at $4.500 but received the same response as on Monday as the January contract was unable to settle above the important price level. The prompt-month contract ended up closing at $4.393, down 9.5 cents from Monday’s close.

A federal appeals court in Washington, DC, Tuesday rejected Washington Gas Light Co.’s (WGL) petition to review a 2008 order in which FERC tried to settle a dispute between the utility and Dominion Cove Point over the impact of liquefied natural gas (LNG) on the distributor’s system.

A federal appeals court in Washington, DC, Tuesday rejected Washington Gas Light Co.’s (WGL) petition to review a 2008 order in which FERC tried to settle a dispute between the utility and Dominion Cove Point over the impact of liquefied natural gas (LNG) on the distributor’s system.

Front-month natural gas futures put in a new low for the larger down move on Friday as the April contract recorded a $4.540 trade before going on to settle at $4.593, up 1.8 cents from Thursday’s finish but 22 cents below the previous week’s close.