Halliburton Shares Plunge On Huge Volume After Report Finds It Knew Cement In Macondo Blowout Was Unstable
It appears not everything is dead and buried in the Gulf of Mexico. Halliburon shares are now plunging on a Bloomberg report which finds that the cement Halliburton Co. recommended to seal BP Plc’s Macondo well was unstable in tests and may have contributed to the April 20 blowout, the staff of a national commission investigating the accident said.
More from Bloomberg:
The National Commission on the BP Deepwater Horizon Oil Spill said documents provided by Halliburton showed at least three tests of the mixture, in February and April, found the mixture unstable. BP received data from at least one test in March, the commission staff said in a letter today.
“Halliburton and BP both had results in March showing that a very similar foam slurry design to the one actually pumped at the Macondo well would be unstable, but neither acted upon that data,” according to a letter sent to the commissioners from the panel’s chief counsel Fred Bartlit and other staff members.
Separate tests by Chevron Corp. on the cement slurry, using material supplied by Halliburton were unable to generate a stable mixture in a laboratory, according to the staff’s letter. Chevron had agreed to conduct the tests for the commission.
Bigger oops, on HUGE volume: