BP’s stocks soar, Halliburton makes a killing
Remember the US’s worst ecological disaster in history? You may have to try pretty hard as it was way back in the spring of 2010.
Here are some of the latest developments in that sad, sordid, and shameful story:
A presidential commission in the US is set to lay most of the blame for the disaster on BP, yet not enough to stop the energy giant’s stocks from recovering almost two thirds of their value after losing half in the wake of the disaster. The overall blame, however, is placed on “systematic failures” including BP, Halliburton, Transocean and US government regulation.
To be sure, the US government is likely to levy record fines against the company as a slew of investigations, including a criminal probe, come to a close.
–Christian Science Monitor
Oil services company Halliburton, despite heavy criticism from the commission, somehow nearly doubled its profits during the last quarter of 2010 – mostly thanks to its North American market. Halliburton is also doing fine in Iraq, though it had a spot of bother over “improper payments” to government officials in Nigeria.
Transocean, the company that owned the Deepwater Horizon rig that exploded in the Gulf of Mexico last April, is filing its final appeal against a dividend freeze in Switzerland’s supreme court. Transocean cannot payout profits due to the some 250 suits against the firm in US courts.
For a poignant look back at the disaster from an unusual perspective check out VBS.tv’s “TOXIC GULF” recently re-upped in its full length: