Tags: US | Gulf | Rig | Explosion | Mariner | Energy

Mariner Energy Shares Fall After Platform Blast

Thursday, 02 Sep 2010 03:14 PM

Mariner Energy shares dropped nearly 3 percent Thursday following news that one of its production platforms exploded in the Gulf of Mexico.

Mariner shares lost 69 cents, nearly 3 percent, to $22.66 in midday trading.

The Houston independent oil and gas company is a relatively small player compared with BP, Shell and other oil giants operating in the Gulf. In April, Apache Corp. said it planned to buy the company for $2.7 billion, though the deal hasn't been completed yet.

Apache shares fell $1.64 to $90.82.

Most of Mariner's operations are in West Texas and along the Gulf Coast. The company also owns more than 240 blocks in shallow parts of the Gulf of Mexico.

The platform that exploded was called the Vermilion 380. According to regulatory filings, Mariner owns 100 percent of the platform. The filing said Vermillion 380 produced 1.1 billion cubic feet of natural gas last year, and it's tapped into proven reserves of 33.2 billion cubic feet of natural gas.

The platform is west of where BP's Deepwater Horizon exploded in April, setting off a massive oil spill.

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Mariner Energy shares dropped nearly 3 percent Thursday following news that one of its production platforms exploded in the Gulf of Mexico.Mariner shares lost 69 cents, nearly 3 percent, to $22.66 in midday trading.The Houston independent oil and gas company is a relatively...
US,Gulf,Rig,Explosion,Mariner,Energy
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2010-14-02
Thursday, 02 Sep 2010 03:14 PM
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