Wednesday, September 3, 2014

Halliburton Pays $1.1 Billion

Halliburton reported on Tuesday that it has reached a settlement of $1.1 Billion in relation to the Macondo Well incident. The $1.1 Billion settlement is below the $1.3 Billion Hal had set aside to cover potential legal losses. The modest settlement was reflected with the stock price remaining relatively flat for the day. The Macondo accident spilled an estimated 4.9 million barrels of oil into the sea. In comparison to Halliburton's settlement, BP has paid out nearly $28 Billion and Transocean $1.4 Billion.

“It also allows Halliburton to put the oil spill — especially its litigation costs, uncertainty and adverse publicity — behind the company,” said Carl Tobias, a law professor at the University of Richmond-NYTimes

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