Thursday, September 9, 2010

BP (NYSE:BP), Halliburton (NYSE:HAL), Transocean (NYSE:RIG) Strong After BP Report

The combat continues between major Gulf oil spill companies BP (NYSE:BP), Halliburton (NYSE:HAL) and Transocean (NYSE:RIG), especially after sniping for months, and then the release of the BP report which included their two major competitors in an unflattering light in connection to the accident on the Deepwater Horizon.

Other companies like Weatherford International (NYSE:WFT) also took some heat in the report, getting sold off during the date, with their share trading volume at levels almost three times the daily norm.

It won't be known what Cameron International's (NYSE:CAM) will be liable for until the failed blowout preventer is examined to see what caused it to not perform as it should.

As far as BP, Halliburton and Transocean, they enjoyed a good day, all of them closing up.

BP closed Wednesday at $38.37, gaining $1.18, or 3.17 percent. Halliburton closed at $30.21, an increase of $0.37, or 1.24 percent. Transocean was up to $53.74, rising $0.69, or 1.30 percent.

While the BP report did spread the blame around to other companies, it really didn't produce any smoking gun, and that seemed to placate the market, which rewarded the broader oil sector.

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