TV News LIES

Tuesday, Mar 03rd

Last update12:45:23 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...


North Dakota oil boom deflating

North Dakota oil boom deflatingLow oil prices haven't yet dimmed confidence in North Dakota, though there may be concerns lingering...

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...

Explosion at Exxon Mobil refinery in Torrance, California, injures four

Exxon explosionAn explosion and fire ripped through a gasoline processing unit at an Exxon Mobil refinery in...

Researchers turn solar energy into liquid fuel

Solar energy to liquid fuelA small number of vehicles on U.S. roads are already indirectly powered by the sun. Ostensibly,...
 
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!