Friday, October 29, 2010

Halliburton (NYSE:HAL) Admits Skipping Major Test on BP (NYSE:BP) Cement Job

While disputing some of the allegations concerning the cement mixture used to seal the BP (NYSE:BP) oil well before it failed, Halliburton did admit they didn't perform a critical test on the final cement formula used on Macondo before it blew.

Tests performed by the oil spill commission have shown the cement formulation used was unstable.

The final cement mix used wasn't tested concerning its stability for use.

BP, as well as others, have pointed to the cement mix as one of the key elements as to why the accident happened. With Halliburton being the cement contractor, it could end up costing them into the billions as a result, although the investigation is far from over and conclusive, as Halliburton still maintains the mixture asserted to be unstable isn't the same mixture they used.

Halliburton said in a statement: "Contrary to the letter...the slurry tested in February was not 'a very similar foam slurry design to the one actually pumped.'"

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