Halliburton disputes US on cement tests

Halliburton disputed a US panel investigating BP oil spill, saying the cement cited for flaws in February was different from the mixture used to plug the well two months later.

Conclusions by the National Commission on the BP Deepwater Horizon Oil Spill, released yesterday, failed to account for changes BP ordered to the cement just before the April 20 blast, the Houston-based company said in a statement. Halliburton rose in New York trading, after falling 8 per cent yesterday spurred by concerns the report may subject the company to increased liability for the spill.

Halliburton, the world’s second-largest provider of oilfield services, has drawn less scrutiny than BP and Transocean Ltd, owner of the rig that blew up, killing 11 workers and setting off the biggest US oil spill. The report may increase Halliburton’s legal risks, said J David Anderson, an oil-industry analyst with JP Morgan Securities LLC in New York.

 

“Up to now, we didn’t see a significant liability to Halliburton with respect to the blowout, but that may change if the report has a widespread impact,” Anderson said in a note to investors yesterday calling the stock “overweight” based on the new information.

Halliburton rose 18 cents, or 0.6 per cent, to $31.86 at 4:15 p.m. in New York Stock Exchange composite trading after yesterday falling the most in five months.