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IDemo

(16,926 posts) Thu Apr 3, 2014, 10:37 PM Apr 2014

Anadarko Pays Billions in Settling Toxins Case

Source: New York Times

HOUSTON — A giant Texas oil company, Anadarko Petroleum, has agreed to pay $5.1 billion for a vast environmental cleanup, a sum the Justice Department said was the largest it had ever won in such a case.

The settlement, announced on Thursday, is aimed at restoring thousands of sites polluted by toxins and compensating thousands of people with personal injury claims.

The case stretches back almost a decade, originating with claims against Kerr-McGee, an Oklahoma energy and chemical company that is now a subsidiary of Anadarko, one of the country’s most successful oil and gas producers.

Anadarko had argued that it could not be held liable for pollution caused by Kerr-McGee, which had ostensibly passed the liabilities on to a spinoff company called Tronox, now bankrupt. But a bankruptcy judge said the reorganization was simply an attempt to dodge liability.

Read more: http://www.nytimes.com/2014/04/04/business/energy-environment/anadarko-petroleum-to-pay-5-1-billion-to-settle-pollution-case.html?_r=0

5 replies

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Highlight:

Anadarko Pays Billions in Settling Toxins Case (Original Post) IDemo Apr 2014 OP

Another article: TexasTowelie Apr 2014 #1

this is good- "bankruptcy judge said the reorganization was simply an attempt to dodge liability." Sunlei Apr 2014 #2

Ah, so that's where Kerr McGee slithered off to hide. Good work, DOJ taking on that corporation. freshwest Apr 2014 #3

The Big one: PeoViejo Apr 2014 #4

Andarko Ties to GW Bush's Harkin Energy. AND Harvard misterhighwasted Apr 2014 #5

TexasTowelie

(112,240 posts)

1. Another article:

Reply to IDemo (Original post)

Thu Apr 3, 2014, 11:54 PM

Apr 2014

http://www.beaumontenterprise.com/news/texas/article/US-reaches-5-15-billion-environmental-settlement-5374160.php

Sunlei

(22,651 posts)

2. this is good- "bankruptcy judge said the reorganization was simply an attempt to dodge liability."

Reply to IDemo (Original post)

Fri Apr 4, 2014, 02:25 AM

Apr 2014

Lots of companies use that tactic to bypass the liabilities.

freshwest

(53,661 posts)

3. Ah, so that's where Kerr McGee slithered off to hide. Good work, DOJ taking on that corporation.

Reply to IDemo (Original post)

Fri Apr 4, 2014, 04:00 AM

Apr 2014

And wishing the medical profession can help those damaged by the toxins.

PeoViejo

(2,178 posts)

4. The Big one:

Reply to freshwest (Reply #3)

Fri Apr 4, 2014, 08:38 AM

Apr 2014

https://en.wikipedia.org/wiki/Cimarron_Fuel_Fabrication_Site

I once spoke with one of Karen Silkwood's co-workers. He told me that they used to use defective MOX fuel pellets as slingshot ammunition to harass Seagulls on the site. The bottom of the Red River is covered with them. Handling Plutonium containing fuel pellets and eating lunch at the same time doesn't seem like a smart thing to do, in my opinion, but it just goes to show how lax the Security was at Cimarron.

misterhighwasted

(9,148 posts)

5. Andarko Ties to GW Bush's Harkin Energy. AND Harvard

Reply to IDemo (Original post)

Fri Apr 4, 2014, 04:12 PM

Apr 2014

I knew there was a connection with Bush/Andarko.
No one does corruption better than the Bush Family Mofia:
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http://www.commondreams.org/headlines02/1010-08.htm

Harvard Role in Harken Called Deeper
Group Says Partnership Kept Bush Firm Afloat

... In May 1990, Black said, the Harvard fund and another unnamed shareholder loaned Harken a total of $46 million. But with Harken still having a debt load, the fund and Harken formed the Harken Anadarko Partnership in December 1990. The partnership was ''off the Harken books,'' Black said, which he said means that Harken's stake in the partnership was reported but the financial details did not need to be revealed to the Securities and Exchange Commission.

Such a partnership was legal, he said.

...According to Black, the partnership was set up to help Harken avoid bankruptcy and included $64.5 million worth of unrelated energy properties owned by the Harvard fund and $26 million of drilling operations from Harken - along with $20 million worth of Harken's debt and liabilities. Harken held a 16 percent stake in the partnership while the Harvard fund owned 84 percent, according to HarvardWatch. Nonetheless, the operation was run by Harken, which was paid $1 million per year to operate the partnership's oil and gas ventures, the report said.

Harken ''transferred an enormous amount of liabilities to the partnership,'' Black said. ''You don't see the Harvards of the world doing things like this.''
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