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(Sept. 2) -- Mariner Energy (NYSE: ME), which owns Vermilion 380, the offshore oil platform that exploded in the Gulf of Mexico this morning, has had 13 accidents in the Gulf of Mexico since 2006, including four fires and two explosions. Possible violations were reported in at least seven of those accidents, according to the Houston Chronicle.
Last summer, a methanol tank exploded on a production platform 45 miles offshore causing second- and third-degree burns to a worker's legs and back. The worker later sued the company for $500,000 in damages. Inspectors found four possible safety violations.
The company is invested heavily in offshore production, primarily in the Gulf of Mexico, which accounts for about 85 percent of its production, according to its website. In the last week of August, the Vermilion 380 platform produced an average of 9.2 million cubic feet of natural gas per day and 1,400 barrels of oil and condensate.
Mariner Energy reported a net income of $1.7 million in the second quarter of this year and completed six offshore drills, five of which were successful, according to an August press release.
Mariner Energy had only 328 employees last year. Chairman and Chief Executive Officer Scott D. Josey was a vice-president and manager at Enron from 2000 to 2002, according to BusinessWeek. He made approximately $4.83 million in total compensation in 2009.
In April, Apache Corp. (NYSE: APA) agreed to buy Mariner for $2.7 billion to increase its deep-water assets. After the Deepwater Horizon rig exploded and sank in April, Apache Chief Executive Officer Steven Farris' first thought was, "It can't be that bad; they've got to have something that can shut this thing off," according to Forbes.
The explosion turned out to be very bad for BP, for the Gulf of Mexico, and for other oil companies. But not so for Apache: In July, the company bought $7 billion worth of oil and gas fields from BP, making it the fourth biggest U.S. oil company. An analysis released yesterday by Platts said Apache may have been the only company to benefit from the BP oil spill.
It's not clear where Apache will stand after today's explosion. Apache Corp. shares fell 1.8 percent today after news of the explosion was released, while Mariner Energy shares fell 5 percent, according to Reuters.
Mariner Energy: What You Need to Know about the Owner of Vermilion 380
Sep 2, 2010 – 12:25 PM
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