It seems that times are growing grim for the Anadarko Petroleum Corporation with each passing day, as a West Texas gas plant explosion urged the evacuation of 330 people from the Ramsey natural gas plant located near the region of Orla.
Fortunately, only two people were slightly injured and the fire has been contained to a part of the plant as of this Thursday. The workers and contractors from the plant were evacuated to the neighboring New Mexico town of Carlsbad, sheltering them in a local performing arts center.
Until now, there has been an official statement regarding the source of the explosion, but due to the fast response from both the fire department and the workers stationed there, major injuries or even deaths have been completely circumvented.
The plant was being supervised by the Anadarko Petroleum Corp. under the ownership of the Western Gas Partners.
The share values of the company were already low to being with, reaching an all time low of 59 dollars per share, the lowest it has been in the past 50 weeks. After the news of the explosion surfaced, its stocks fell even lower, with an added 0.79% decrease, reaching 58.31 dollars, with some stocks going down to 57.79 dollars. Considering that their revenue from this quarter is around 66% lower than the one from last year during the same period, the company is currently facing a pretty grim fate.
This explosion will most likely halt the gas plant’s operation until further notice, with no official reports concerning the initial damage estimate value. Taking into account that the explosion occurred on Thursday around 9 in the morning, with the fires bellowing through the night, it is not completely improbable that the Ramsey plant will be completely discontinued, bringing even a bigger loss to Anadarko.
Due to its extreme flammability and volatility, the gas plant was surveyed through the night by numerous firefighters stationed at the location, in order to quell the spreading flames if the need arises. Fortunately no other explosions have occurred, with the fire’s containment being extremely efficient. Several people have claimed that the fire will be gone in the next days following the explosion.
The Anadarko company has already faced an inspection by the OSHA on location at the Ramsey gas plant, having 5 safety violations, especially regarding their use of chemicals deemed highly hazardous.
As the West Texas gas plant explosion urged the evacuation of 330 people, the future of the Anadarko Petroleum Corp. is seen by some investors with a degree of wariness. But only time will tell if the Ramsey plant will resume its work in the coming months, boosting alongside it the future of the company from a stock market perspective.