TV News LIES

Wednesday, May 27th

Last update07:37:20 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.

More...


Most Recent Related Stories...


Obama Administration Approves Shell's Drilling Plan For The Arctic

Shell OilThe Obama administration on Monday granted conditional approval to Shell to begin exploratory drilling in the...

Coal Is Dying and It's Never Coming Back

Coal is DyingCoal, the No. 1 cause of climate change, is dying. Last year saw a record number...

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...

To foil oil spills, new federal rule requires better blowout preventers

Blowout preventersThe Obama administration unveiled a new rule Monday that's designed to help prevent a repeat of...
 
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!