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Moody's: Anadarko outlook negative
Moody's Investors Service said it revised to negative from stable the outlook on the Baa3 senior unsecured rating of Anadarko Petroleum Corp. and its guaranteed subsidiaries.
The agency said the action reflects the considerable uncertainty associated with Anadarko's potential 25% share of the clean-up costs and financial liabilities stemming from the April 20 explosion on the Transocean Deepwater Horizon drilling rig and oil spill in the Gulf of Mexico. Anadarko is a 25% owner of the well with a non-operated working interest.
No matter what the ultimate outcome for Anadarko in this accident, Moody's believes that the impact on future drilling and production costs for Anadarko and its peers in the U.S. Gulf of Mexico, where it is a large producer, and in other deepwater regions globally, will have a significant impact and uncertainty for the foreseeable future.
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