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March 27, 2013
13:28 EDTBP, HALHalliburton manager said he warned BP before 2010 oil spill, Bloomberg says
A Halliburton (HAL) manager testified that he warned BP (BP) that it was making a mistake hours before the explosion that caused the 2010 Gulf oil spill, according to Bloomberg. Nathaniel Chaisson, Halliburtonís cementing services coordinator, said he told BP that its plan to use six stabilizers on the well, instead of the recommended 21, increased the risk of a blowout, the news service stated. Chaisson was testifying in the trial which is being held to determine liability for the oil spill. Reference Link
News For HAL;BP From The Last 14 Days
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November 27, 2015
10:37 EDTHALEU Commission sets Jan. 12 deadline to rule on Baker Hughes, Halliburton deal
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November 18, 2015
08:37 EDTHALBaker Hughes has superior risk/reward ratio, says BMO Capital
BMO Capital believes that Baker Hughes (BHI) has one of the best risk/reward ratios in its coverage universe. The firm thinks the stock will rise 25% if its acquisition by Halliburton closes, and fall only 9%-14% in the medium term if the deal falls through. BMO now sees an 80% chance of the deal closing, up from 70% previously.
November 17, 2015
10:16 EDTBPBP confirms exploring sale of Alabama petrochemical facility
BP confirmed that it has decided to market for sale its Decatur, Alabama, petrochemicals complex as part of a broader reorganization of the company's global petrochemicals business. BP said its refocused petrochemicals strategy is pursuing a competitively advantaged portfolio through world-scale, low-cost facilities that utilize BP proprietary technology including the production of purified terephthalic acid, or PTA, a key raw material in the production of polyester. BP is spending $200M to upgrade its Cooper River, S.C., plant and its sister facility in Geel, Belgium - the largest PTA-producing sites in the Americas and Europe, respectively. The investment will enable the two facilities to lower operating costs, improve reliability and reduce emissions. Earlier this year, BP also started up its new Zhuhai 3 unit in Guangdong Province, China. Using BP's latest technology and capable of producing up to 1.25M tons of PTA per year, Zhuhai 3 is the world's largest single-train PTA production unit as well as being one of the largest and most efficient PTA production units in the world. While BP's Decatur complex no longer fits with this strategy, the facility has been a major contributor to BP's U.S. petrochemicals business for many years. It makes chemicals essential for the production of thousands of items, from plastic water bottles to flat-screen televisions. BP expects to complete a sale of all or part of the facility provided a buyer can be found and an acceptable deal can be reached. Reference Link
09:48 EDTBPBP to explore sale of Alabama petrochemical plant, Bloomberg reports
Bloomberg cites e-mailed statement from BP.
November 16, 2015
06:51 EDTBPBig energy firms saw 70% earnings dip for first nine months, WSJ says
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