Shares in Mariner Energy and Apache Corporation have recovered after falling sharply as news broke of the companies' oil rig explosion in the Gulf of Mexico.
Immediately after news broke of the explosion each company's shares fell precipitously. Mariner Energy (NYSE:ME) which started the day with shares valued at $23.35 dropped more than three cents to $20.12 as news outlets reported the explosion. Mariner's parent company, Apache Corporation (NYSE:APA) saw a similar drop in stock value, as it fell more than four cents from $92.43 to $88.31.
Shares for each company have recovered as news surrounding the explosion improves -- the well was not yet in production. Nevertheless, at 3:00 p.m. eastern time neither company had returned to the day's starting value. Apache's stock had dropped 1.83% to $90.77, while Mariner Energy had dropped 2.44% to $22.78.
The political fallout from this explosion, as well as the clean-up costs and possible fines levied upon Mariner Energy could play a major role in investors opinions of these companies in the coming weeks.
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