Anadarko Insurers Face Up to $150M for Deepwater Defense Costs

Anadarko Petroleum Corp. may pursue up to $150 million from its insurers to cover the legal costs of defending suits over the Deepwater Horizon oil spill, the Texas Supreme Court ruled.

The policy covers all of Anadarko’s defense expenses, up to the policy’s excess-coverage limit, and isn’t limit to one-quarter of its policy’s limit, the court said.

The expenses include attorneys’ fees and related costs tied to defending the company from both third-party suits and enforcement actions stemming from the country’s biggest spill.

The underwriters argued they owe no more than the $37.5 million they had already paid out. They ...