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Thursday, December 12, 2013

BRIEF-Anadarko, Kerr-McGee found liable for damages in Tronox bankruptcy, (NYSE: APC)

Anadarko Petroleum Corp : * U.S. bankruptcy judge says Anadarko Petroleum Corp kerr-mcgee acted with intent to hinder and delay tronox creditors -- court ruling * Judge allan gropper says Anadarko, kerr-mcgee left tronox insolvent andundercapitalized when they transferred out and spun off oil and gas assets * Judge says the transaction was not made for reasonably equivalent value, andthat the defendants should be held liable for damages, but less than what wassought * Judge says that before deciding damages, he will let defendants argue whether

Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC traded higher by 0.1% or $0.08/share to $83.67. In the past year, the shares have traded as low as $71.77 and as high as $98.47. On average, 2968040 shares of APC exchange hands on a given day and today's volume is recorded at 4388972.