Mariner: Explosion/Fire Causes Volume Explosion (ME, APA, BP)

Posted in General 
September 2nd, 2010

Mariner Energy, Inc. (NYSE: ME), which is being acquired by Apache (NYSE: APA), has just seen an exponential volume surge due to the sticky nature of any offshore drilling accidents after the BP plc (NYSE: BP) disaster in the Gulf of Mexico.  Mariner’s spokesperson on CNBC said that a fire took place about an hour ago, and that the oil well(s) around the area have been shut in and that all personnel have safely been evacuated.  The company believes that there is no oil leaking nor that any has spilled in the area.

Update 12:30 EST: It turns out that this was a production platform that was not in production.

At 12:10 PM EST there have been over 24 million shares traded hands versus 4.4 million shares on average.  The stock fell to nearly $20 during the panic selling, but now shares are down “only” 2% at $22.85.  The 52-week trading range is $11.35 to $26.32.

JON C. OGG

Comments are closed

-->