Anadarko Shares Fall After Colorado Blast Prompts Well Closings
- Explorer shuts 3,000 vertical wells across state’s northeast
- April 17 blast killed at least two people; cause not known
A Frederick-Firestone firefighter rolls up a hose in front of a burned out home April 18, 2017 in Firestone, Colo.
Photographer: Andy Cross/Denver Post via Getty ImagesThis article is for subscribers only.
Anadarko Petroleum Corp. dropped the most since August after the oil and natural gas explorer said it will shut more than 3,000 Colorado wells as part of an investigation into a deadly house explosion.
Shares slipped as much as 5.6 percent to $56.59 in New York trading, their biggest intraday slide since Aug. 1, and were down 4.8 percent to $57.07 as of 10:15 a.m. in New York. Anadarko will close and inspect the wells as a precaution after the April 17 blast, The Woodlands, Texas-based driller said in a statement Wednesday. Colorado authorities said they have yet to determine a cause for the tragedy.