SOURCE: Anadarko Petroleum Corporation
March 21, 2014 15:41 ET
HOUSTON, TX--(Marketwired - Mar 21, 2014) - Anadarko Petroleum Corporation (NYSE: APC) today issued the following statement in response to today's favorable ruling in the Deepwater Horizon Trial.
"Today's ruling is consistent with previous Court determinations that we were not at fault for the Deepwater Horizon event. We look forward to seeing the Clean Water Act portion of the trial resolved soon."
Al Walker, Anadarko Chairman, President and CEO
Background: The Court held a hearing to consider certain evidentiary and discovery issues as the parties prepare for the Clean Water Act (CWA) penalty phase of the Deepwater Horizon trial. Anadarko filed a Motion in Limine asking the court to disallow any testimony or other evidence regarding Anadarko's fault in causing the event. The court granted Anadarko's motion twice before, resulting in no evidence of Anadarko's fault being admitted at either of the earlier two phases of the trial.
During today's hearing, Judge Barbier told Justice Department lawyers: "I don't think this argument is going to get you anywhere. It's pretty clear to me, once I ruled that Anadarko had no legal duty to intervene in the well and could not be negligent."
Degree of culpability in causing the spill is a significant factor in the court's assessment of fines and penalties under the CWA. Judge Barbier again approved Anadarko's motion for this phase of the trial. Therefore, no evidence of Anadarko's alleged culpability will be allowed during the penalty phase of the trial.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including the nature, timing and outcome of the Clean Water Act penalty phase of the Deepwater Horizon trial. See "Risk Factors" in the company's 2013 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
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