Mariner Energy Has Dubious Safety Record

Mariner Energy ME, the independent oil and gas producer that owned a platform that exploded in the Gulf of Mexico on Thursday, has been involved in more than a dozen accidents in the Gulf of the last four years. Regulators say those mishaps include at least four fires and a well blowout. One 2008 accident led to serious injuries for one employee, the Los Angeles Times reported. Earlier this year, Mariner paid $55,000 in fines for safety violations, the Times reported. Mariner's history is an interesting one to be sure. The company was on the brink of extinction because it was former unit of Enron. Private equity buyers scooped up Mariner on the cheap when Enron was shedding assets during its bankruptcy proceedings. Now Apache APA, the largest U.S. independent oil and gas producer, is supposed to be acquiring Mariner for $3.9 billion, but there is speculation that deal could be in doubt thanks to Thursday's accident. Apache said it is monitoring the situation closely. Here.