BP, others told not to deplete assets
The government wants advance notice from companies involved in the BP oil spill on any asset sales that could be applied toward cleanup costs.
The letters, dated June 23, also went to Anadarko Petroleum (APC), Halliburton (HAL) and Moex USA, and described “significant” potential liability.
Each letter said the U.S. has a "compelling interest" to ensure the companies don’t "deplete those assets that would be available to satisfy a judgment" should they be sued by the U.S. and ordered to pay damages.
The Justice Department letter to Transocean called the company’s $1 billion stock dividend program "troubling."
Attorney General Eric Holder has said the American people won’t pay for cleanup costs for the biggest U.S. oil spill on record. The government will take the steps needed to ensure those responsible cover the expenses. The Justice Department is conducting civil and criminal investigations into the spill.
The letters ask for 30 days' notice of events including disbursements, sales, restructuring and acquisitions. The letters ask the companies to respond about whether they will agree to the Justice Department’s requests.
BP, headquartered in London, is the operator of the well pouring crude oil into the Gulf of Mexico. Anadarko, based in The Woodlands, Texas, owns 25% of the well.
Transocean, based in Geneva, Switzerland, owned the Deepwater Horizon rig that exploded in an April 20 accident that killed 11 workers and sent oil gushing. Halliburton, based in Houston, provided drilling services. Mitsui & Co. (MITSY), based in Tokyo, owns a majority stake in Moex, which holds a 10% stake in the well.
BP was up 2.3% to $27.67 today. Anadarko fell 2.8% to $36.67. Transocean dropped 6.5% to $46.82. Halliburton was off 5.8% to $24.48. Mitsui fell 2.9% in New York to $240.12.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'