Jun 20, 2011
Anadarko Petroleum Corp. (NYSE:APC), along with Kerr-McGee Corp. and their affiliates will have to pay more than $17 million in royalties. According to the Justice Department, Anadarko Petroleum Corp. knowingly underpaid royalties owed on natural gas produced from federal and Indian lands.
This $17 million settlement resolves the claims that Anadarko and Kerr-McGee improperly reported processed gas as unprocessed gas in order to lower royalty payments. In recent activity, shares of Anadarko were down 1% to $69.78.
The oil and gas company has a potential upside of 33.8% based on a current price of $69.73 and an average consensus analyst price target of $93.3.
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