The Department of Justice said in letters to BP, Transocean, Anadarko Petroleum, Moex USA and Halliburton that their "financial responsibilities" resulting from the April 20 disaster at the BP-operated Macondo well and subsequent oil spill could be put at risk by the depletion of assets.

The agency also said it wanted to meet with the companies to discuss their responsibilities for financing the "potential liabilities" resulting from the disaster.

In the letters, released Tuesday, the department asked the companies to "provide advance notice of any significant corporate actions related to the organization, structure and financial position" to ensure that they do not deplete their assets, which could be used to satisfy any judgments against them.

In its letter to Transocean, the agency said it had learned the company, "plans to make certain disbursements of cash that could deplete its ability to satisfy debts to the United States. For example, Transocean has authorized a more than $3 billion stock repurchase program, which we understand commenced on February 12, 2010 and is ongoing. Additionally, the company recently announced a $1 billion stock dividend program, with the first payment scheduled in July 2010. We find troubling the fact that Transocean approved this dividend payment on May 14, 2010, after the events of April 20 and at a time when Transocean was surely aware of the potential liability it faces as a result of the Gulf disaster."

The letters, signed by Assistant Attorney General Tony West, asked the companies to, "provide the United States timely advance notice (at least thirty days) of any authorized or approved events to date, and any planned or contemplated events going forward, that may involve substantial transfers of cash or other corporate assets outside of the ordinary course of business, including any of the following: corporate restructuring or reorganization; significant acquisitions, mergers, joint ventures and similar arrangements in which the company will obtain an equity interest; significant sales, divestments, or spin-offs of assets; significant disbursements (cash and otherwise), including but not limited to stock buybacks, dividends or distributions to shareholders, as well as severance packages for officers and directors; and significant non-recurring charges against income.

The DOJ letter also asked the companies to "identify the names" of any of their subsidiaries or affiliates "that have any involvement with respect to the Block 252 Mississippi Canyon lease, or the Deepwater Horizon rig or well."

In its letter to BP, the department said it would seek "monthly financial statements; copies of current and future credit and loan agreements with banks, financial institutions, and other major investors; and copies of any reports, evaluations or other analyses by investment bankers, consultants or auditors regarding the company's financial condition, including those related to obtaining financing and potential asset sales, acquisitions or restructuring."

DOJ did not immediately respond to requests for further information, including whether the companies have yet responded to the letters.

--Robert DiNardo, robert_dinardo@platts.com