Friday, Oct 09th

Last update06:43:40 PM 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.


Most Recent Related Stories...

Oil Industry Needs to Find Half a Trillion Dollars to Survive

Oil indusctry needs a trillion dollarsAt a time when the oil price is languishing at its lowest level in six years,...

Oil Services Co.,Baker Huhes, lays off 10,500

Baker Hughes "Extreme market forces" are in play in the global energy sector, oil services company Baker...

Aircraft to start hunt for Atlantic oil off East Coast

Aircraft hunting oil An aerial hunt for oil and natural gas reserves in the Atlantic Ocean is poised to...

Japan now has more car charging points than gas stations

Japanese charging pointsNissan Motor Co. has reported that Japan now has more places to charge electric vehicles than...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!