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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.
Oops:
Bigger oops, on HUGE volume:
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Halt trading!
YES !!!
America is run by a handful of corrupt bankster corps who push its domestic and foreign policies according to their whims and desires.
Goldman Sachs sold $250 million of BP stock before spill"
http://www.rawstory.com/rs/2010/06/month-oil-spill-goldman-sachs-sold-25...
"BP chief Tony Hayward sold shares weeks before oil spill"
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7804922...
Insider trading? Nah, nobody cares.
down 10%! kill! kill! kill!
+100
Maybe they could call Ben and have the PD's pump 'em back up on a POMO day.....
POMO funds will prove to be as stable as the crap they put in that well.
What the f&ck are you gonna do about it? </cheney>
Sometimes evil has to pay.
Like a rock baby........almost 15%
Wow. Fun to see a "natural" crash. No "DK"ing on this one!
I bet the HFT's are pissed - can't play it if you don't know in advance its gonna happen
"HAL: I know I've made some very poor decisions recently, but I can give you my complete assurance that my work will be back to normal. "
"It can only be attributable to human error."
YAAAAYYYYY!!!
is all I can say!
Um... This was news 6 months ago... why the attention only now?
Well, on a long enough timeline, the survival rate for everyone and everything drops to zero.
Thank you. I can hear the HAL doc control: "Apply the formula"
This time it is official.
somebody has accumulated a bunch of puts on HAL ?
A lawyers best friend, plausible deniability, has just deserted dear HAL. Someone get him a glass of water and stop crowding around. Give him some air for crying out loud. :>)
awww, poor Dick Cheney...a-hole!
Right! What else should anyone expect from a company that would hire Cheney.
Wow, I think I have renewed faith in karma. Let's go for down 50% in one day (that's the death knell).
There's still a long way to go for me to believe in that again (still, one hopes).
Down 15 % ....
What would Cramer do?
BUY BUY BUY! It's on sale (plus I didn't sell my shares yet)!
+1
At least we can be absolutely sure that the Administration will pursue Halliburton with exactly the same vigor they applied to their attempt to bankrupt BP.
I mean just because the latter was a convenient, and better yet foreign, scapegoat whereas the former is a well connected inside member of the Military Industrial Complex shouldn't influence the apportionment of blame, should it?
I look forward to Obama's demand for Halliburton to chip in $20 Billion towards the cleanup costs.
Scapegoat?
BP is dangerous to workers, the environment and shareholders.
http://www.pbs.org/wgbh/pages/frontline/the-spill/
Nearly everthing they touch catches fire, blows-up, kills people and fouls the land.
This company shouldn't be allowed to run a lemonade stand without being strictly regulated and directly accountable for actual damages (rather than some fraudulent cap).
Ref: George Washington blog.
Quick, someone get them a no-bid contract! Who can we invade? Iran, I'm looking at you....
More like Oregon, Utah, Alabama, and North Dakota.
The culture of corruption and short termism has even extended to lying about scientific data for something so important?
There is no hope without major cultural changes.
And no American can ever again sneer at the Chinese for collapsing buildings due to corruption in suppliers of substandard materials
Wow.
Cheney must be pissed.
Oh puhleeze, you don't think Darth Vader sold some calls and bought some puts?
They "gulf" has more to worry about:
http://worldvisionportal.org/wvpforum/viewtopic.php?f=52&t=1031
Dude, he's always pissed
If BP knew about the instability and didn't act, then why is BP's stock up 2% on the news?
Chart: SPX
Pick your channel.
http://99ercharts.blogspot.com/2010/10/spx_8037.html
http://www.zerohedge.com/forum/99er-charts
oops
Dammit Waddel & Reed again.
This is actionable news. SHORT 40k shares.
Not a problem with me as long as the US does not invade, destroy and occupy another foreign country and ask Halliburton to take care of the little details in order to pump this stock .
No wonder AAPL reversed course. No time to sell AAPL when selling HAL is a given.
Lots of Halliburton fans here. Couldn't have happened to a better group of low life scum. I hear the rumblings of a government intervention / fix for this.
This is a known fact. Haliburton's cement required 48 hour curing time, but BP chose to do a negative pressure test on it after less than 24. This test probably caused the cement to fail. Of course, there many things that could have been done at that point, but they continued the process of sealing and abandoning the well.
When they removed 1000 ft of mud, they got a massive gas kick through the broken bottom valve (also know to have failed) and compromised cement. Now a gas kick is a normal occurrence on a drilling rig, but it must be dealt with quickly. Yet, somehow nobody seemed to notice and nobody stopped the process. Everybody wanted to go home.
The idea that BP is not responsible for this fiasco is ridiculous. They ignored best practices and committed numerous safety violations leading up to the explosion. They are just trying to deflect responsibility.
They used recycled cement from the WTC's. Apparently thermite doesn't do for cement what it does (for) kiln-ed steel.
Just waiting now for the SWFs of Saudi Arabia and Abu Dabi to get the nightly news and hit the sell button.
No worries, it is already working on making its way back to par.
Is this the same slurry that pumps through Dick Cheneys viens?
What? A CIA front complicit in this disaster? Color me shocked.
I don't know any other way of asking this question in a dedicate fashion...
Why in mother of #uck, would these #ucken ijits know this and proceed, thinking this is alright? Ya, ya, I get the "if we change the mixture, it could admit culpability argument"... but they were #ucked already. Even an amoral ba$tard would look at the risk / benefits of the decision and not think that the risk outweighed the benefits?
Are the people running these companies ijits? It seems that the world has been over taken by morons.
Lol, if you guys want to see ''PLUNGE'', check out Oclaro (OCLR):
Buy da dip! LOL!
I would suggest Tyler accompany articles like this with a picture of a bear defecating in the forest.
The cement story came out during the original hearings, what changed?
This smells "October surprisish"......
Nah, with Halliburton it's just business as usual...
Halliburton was never liked by this tribal adminstration.
They are now set to be the scapegoat for 'bad cement, " when they didn't vent the pipe like they were supposed to and argued about it prior to the blow. BP and others were complicit in their need for speed as is the Adminstration for giving BP shortcuts, insofar as Barry got more money than anyone from BP.
I think most people's reaction is, hey, live by the sword, die...
But, tricky Dick probably got out a few months ago..
The Big H-B was contracted out for all safety operations on the rig, not just some bit of "mud" (concrete). The alarms turned off, the switches that didn't switch, etc... all on their watch.
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