TV News LIES

Wednesday, Oct 01st

Last update06:10:04 AM GMT

You are here News Energy Halliburton knew oil disaster cement was unstable

Halliburton knew oil disaster cement was unstable

E-mail Print PDF

Haliburton used flawed cement in Gulf rigHalliburton Co. used flawed cement in BP Plc's doomed Gulf of Mexico well, which could have contributed to the blowout that sparked the worst offshore oil spill in U.S. history, a White House panel said on Thursday.

Halliburton's shares tumbled as much as 16 percent after the National Oil Spill Commission released a letter detailing the panel's findings, before recovering to close down nearly 8 percent at $31.68 per share on the New York Stock Exchange. BP's U.S.-listed shares closed up 1.3 percent at $40.60 per share.

While not absolving BP of responsibility, the report heaped criticism on Halliburton's cement job, raising investor concerns it could be forced to bear some of the clean-up costs. BP has taken a $32.2 billion earnings charge to cover the cleanup.

The cost to insure Halliburton's debt jumped on the news.

Halliburton had run a series of tests that showed the material was unstable in the weeks before the April 20 explosion on the Deepwater Horizon rig, which killed 11 workers and spurred a temporary ban on deepwater U.S. drilling.

More...


Most Recent Related Stories...


Canada's First Nations people seek to 'evict' energy companies

First Nation landA freight railroad operated by the Canadian National Railway stretches approximately 3,000 miles from Halifax in...

Why birds are igniting in midair over Calif.

Birds igniting mid airA cutting-edge solar technology in California's Mojave Desert may have a bit too much cut. Wildlife...

U.S. opens Gulf acreage to energy companies

new energy leases in GulfMore than 20 million acres off the coast of Texas were opened up for bidding for...

PlayStation 4 And Xbox One Are Energy Hogs

playstation and XboxFor all their graphical improvements and multimedia functionality, there's one place where Microsoft's Xbox One and...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!