Anadarko Petroleum (APC), Oasis Petroleum Inc. (OAS), Cameron (CAM), Halliburton (HAL), Marathon Petroleum (MPC), Transocean (RIG) and Whiting Petroleum Co. (WLL) had ratings and price targets on them adjusted by analysts.
CLSA upgraded Anadarko Petroleum (APC) from an "Outperform" rating to a "Buy" rating.
Pritchard upgraded Oasis Petroleum Inc. (OAS) from a "Neutral" rating to a "Buy" rating.
Raymond James downgraded Cameron (CAM) from a "Strong-Buy" rating to a "Market Perform" rating.
Raymond James downgraded Halliburton (HAL) from an "Outperform" rating to a "Market Perform" rating.
Deutsche Bank downgraded Marathon Petroleum (MPC) from a "Buy" rating to a "Hold" rating.
Raymond James downgraded Transocean (RIG) from a "Strong-Buy" rating to a "Market Perform" rating.
CLSA downgraded Whiting Petroleum Co. (WLL) from an "Outperform" rating to a "Buy" rating.
Showing posts with label Halliburton. Show all posts
Showing posts with label Halliburton. Show all posts
Monday, April 16, 2012
Monday, April 2, 2012
Halliburton (HAL) (HERO) (RIG) (HFC) (CXO) (CVE) (KEG) (NOV) Ratings, Price Targets
Halliburton (HAL), Hercules Offshore, Inc. (HERO), Transocean (RIG), HollyFrontier (HFC), Concho Resources Inc. (CXO), Cenovus Energy (CVE), Key Energy (KEG) and National-Oilwell Varco, Inc. (NOV) had ratings and price targets on them adjusted by analysts.
Howard Weil downgraded Halliburton (HAL) from an "Outperform" rating to a "Market Perform" rating. $43.00
CLSA upgraded Hercules Offshore, Inc. (HERO) from an "Underperform" rating to a "Buy" rating.
CLSA upgraded Transocean (RIG) from an "Underperform" rating to an "Outperform" rating.
Credit Suisse downgraded HollyFrontier (HFC) from an "Outperform" rating to a "Neutral" rating.
Deutsche Bank upgraded Concho Resources Inc. (CXO) Hold" rating to a "Buy" rating.
Barclays Capital downgraded Cenovus Energy (CVE) from an "Overweight" rating to a "Equal Weight" rating.
Howard Weil Key Energy (KEG) from a "Focus Stock" rating to an "Outperform" rating. They have a price target of $20.00 on the company.
Howard Weil downgraded National-Oilwell Varco, Inc. (NOV) from an "Outperform" rating to a "Market Perform" rating.
Howard Weil downgraded Halliburton (HAL) from an "Outperform" rating to a "Market Perform" rating. $43.00
CLSA upgraded Hercules Offshore, Inc. (HERO) from an "Underperform" rating to a "Buy" rating.
CLSA upgraded Transocean (RIG) from an "Underperform" rating to an "Outperform" rating.
Credit Suisse downgraded HollyFrontier (HFC) from an "Outperform" rating to a "Neutral" rating.
Deutsche Bank upgraded Concho Resources Inc. (CXO) Hold" rating to a "Buy" rating.
Barclays Capital downgraded Cenovus Energy (CVE) from an "Overweight" rating to a "Equal Weight" rating.
Howard Weil Key Energy (KEG) from a "Focus Stock" rating to an "Outperform" rating. They have a price target of $20.00 on the company.
Howard Weil downgraded National-Oilwell Varco, Inc. (NOV) from an "Outperform" rating to a "Market Perform" rating.
Monday, February 27, 2012
Westar (WR) (CEG) (BHI) (HAL) (WLL) (SD) (MDAS) Ratings
Westar Energy, Inc. (WR), Constellation Energy Group (CEG), Baker Hughes (BHI), Halliburton (HAL), Whiting Petroleum Co. (WLL), SandRidge Energy Inc. (SD) and MedAssets, Inc. (MDAS) had ratings and price targets on them adjusted by analysts.
TheStreet downgraded Constellation Energy Group (CEG) to a "Hold" rating.
Raymond James downgraded Baker Hughes (BHI) from an "Outperform" rating to a "Market Perform" rating.
Raymond James downgraded Halliburton (HAL) from a Strong-Buy rating to an "Outperform" rating.
Credit Agricole downgraded Whiting Petroleum Co. (WLL) to an "Outperform" rating.
Caris & Co. upgraded Westar Energy, Inc. (WR) from an "Average" rating to an "Above Average" rating.
Global Hunter Securities upgraded SandRidge Energy Inc. (SD) from an "Accumulate" rating to a "Buy" rating. They raised their price target from $8.50 to $13.00 on the company.
Caris & Co. downgraded MedAssets, Inc. (MDAS) from an "Above Average" rating to an "Average" rating.
TheStreet downgraded Constellation Energy Group (CEG) to a "Hold" rating.
Raymond James downgraded Baker Hughes (BHI) from an "Outperform" rating to a "Market Perform" rating.
Raymond James downgraded Halliburton (HAL) from a Strong-Buy rating to an "Outperform" rating.
Credit Agricole downgraded Whiting Petroleum Co. (WLL) to an "Outperform" rating.
Caris & Co. upgraded Westar Energy, Inc. (WR) from an "Average" rating to an "Above Average" rating.
Global Hunter Securities upgraded SandRidge Energy Inc. (SD) from an "Accumulate" rating to a "Buy" rating. They raised their price target from $8.50 to $13.00 on the company.
Caris & Co. downgraded MedAssets, Inc. (MDAS) from an "Above Average" rating to an "Average" rating.
Tuesday, January 24, 2012
Halliburton (HAL) Ratings, Price Targets
Halliburton (NYSE: HAL) ratings and price targets.
Halliburton (HAL) had its price target raised by Dahlman Rose from $58.00 to $64.00. They have a “Buy” rating on the company.
Halliburton had its price target lowered by Credit Suisse (NYSE:CS) to $54.00. The have an “Outperform” rating on the company.
Halliburton had its price target lowered by Morgan Keegan to $43.00.
Halliburton had its price target raised by Bank of America (NYSE:BAC)to $48.00. They have a “Buy” rating on the company.
Halliburton had its price target lowered by Argus from $63.00 to $54.00. They have a “Buy” rating on the company.
Halliburton had its price target lowered by Canaccord Genuity from $46.00 to $43.00. They have a “Hold” rating on the company.
Halliburton had its price target lowered by Howard Weil from $52.00 to $48.00. They have an “Outperform” rating on the company.
Halliburton had its price target lowered by UBS AG (NYSE:UBS) from $51.00 to $48.00. They have a “Buy” rating on the company.
Halliburton (HAL) had its price target raised by Dahlman Rose from $58.00 to $64.00. They have a “Buy” rating on the company.
Halliburton had its price target lowered by Credit Suisse (NYSE:CS) to $54.00. The have an “Outperform” rating on the company.
Halliburton had its price target lowered by Morgan Keegan to $43.00.
Halliburton had its price target raised by Bank of America (NYSE:BAC)to $48.00. They have a “Buy” rating on the company.
Halliburton had its price target lowered by Argus from $63.00 to $54.00. They have a “Buy” rating on the company.
Halliburton had its price target lowered by Canaccord Genuity from $46.00 to $43.00. They have a “Hold” rating on the company.
Halliburton had its price target lowered by Howard Weil from $52.00 to $48.00. They have an “Outperform” rating on the company.
Halliburton had its price target lowered by UBS AG (NYSE:UBS) from $51.00 to $48.00. They have a “Buy” rating on the company.
Thursday, October 20, 2011
Halliburton (HAL) (AAPL) (INTC) (YHOO) (JNJ) (JNPR) Ratings and PTs
Halliburton (NYSE: HAL), Apple, Inc (NASDAQ: AAPL), Intel (NASDAQ: INTC), Yahoo! Inc. (NASDAQ: YHOO), Johnson & Johnson (NYSE: JNJ) and Juniper Networks (NASDAQ: JNPR) ratings and reiterations.
Halliburton (NYSE: HAL) had its price target lowered by Miller Tabak to $55.00. They have a “Buy” rating on the company.
JPMorgan Chase & Co. reiterated its “Overweight” rating on Apple, Inc (AAPL).
Lazard Capital reiterated its “Neutral” rating on Intel (INTC).
Morgan Stanley (NYSE:MS) reiterated its “Equal Weight” rating on Yahoo! Inc. (YHOO). They have a price target of $16.00 on the company.
Morgan Stanley reiterated its “Equal Weight” rating on Johnson & Johnson (JNJ).
Oppenheimer reiterated its “Market Perform” rating on Juniper Networks (JNPR).
Halliburton (NYSE: HAL) had its price target lowered by Miller Tabak to $55.00. They have a “Buy” rating on the company.
JPMorgan Chase & Co. reiterated its “Overweight” rating on Apple, Inc (AAPL).
Lazard Capital reiterated its “Neutral” rating on Intel (INTC).
Morgan Stanley (NYSE:MS) reiterated its “Equal Weight” rating on Yahoo! Inc. (YHOO). They have a price target of $16.00 on the company.
Morgan Stanley reiterated its “Equal Weight” rating on Johnson & Johnson (JNJ).
Oppenheimer reiterated its “Market Perform” rating on Juniper Networks (JNPR).
Thursday, May 26, 2011
Chevron's (CVX) Downstream Business Unimpressive
The fact that Chevron (NYSE:CVX) had its "Buy" rating from Jefferies (NYSE:JEF) reiterated on them today isn't because of its downstream refinery business, as margins are anemic in comparison to its upstream oil and natural gas production business.
That's not to say there isn't substantial revenue in the refined products business of Chevron, as the company could have sold as much as $100 billion in refined products in 2010, although it doesn't release those figures.
Among refinded products sold are gasoline, jet fuel, gas oil and kerosene, among other products.
Estimates are refined products make up about 8 percent of the overall stock value of Chevron, mostly because of the low margin business it is. Margins have been at about 2.33 percent in the refined business for the energy giant for 2010.
In contrast, the oil and natural gas production generates margins of 53 percent.
The leading refined product sold by far was gasoline, which accounted for close to $39 billion in revenue in the segment.
Among Chevron's major competitors are BP (NYSE:BP), Exxon Mobil (NYSE:XOM), Halliburton (NYSE:HAL) and ConocoPhillips (NYSE:COP).
Chevron was trading at $103.57, up $0.32, or 0.31 percent, as of 2:05 PM EDT.
That's not to say there isn't substantial revenue in the refined products business of Chevron, as the company could have sold as much as $100 billion in refined products in 2010, although it doesn't release those figures.
Among refinded products sold are gasoline, jet fuel, gas oil and kerosene, among other products.
Estimates are refined products make up about 8 percent of the overall stock value of Chevron, mostly because of the low margin business it is. Margins have been at about 2.33 percent in the refined business for the energy giant for 2010.
In contrast, the oil and natural gas production generates margins of 53 percent.
The leading refined product sold by far was gasoline, which accounted for close to $39 billion in revenue in the segment.
Among Chevron's major competitors are BP (NYSE:BP), Exxon Mobil (NYSE:XOM), Halliburton (NYSE:HAL) and ConocoPhillips (NYSE:COP).
Chevron was trading at $103.57, up $0.32, or 0.31 percent, as of 2:05 PM EDT.
Friday, November 5, 2010
Halliburton (NYSE:HAL), Apache Corp (NYSE:APA), Chevron (NYSE:CVX) Up on Rising Oil Prices
Halliburton (NYSE:HAL), Apache Corp (NYSE:APA), Chevron (NYSE:CVX) were all moving up Thursday on the inflationary measures announced by the Federal Reserve through QE2, which pushed the overall commodity market up, along with companies within each sector, including the oil producers.
Commodity prices in general increased, including silver, which increased to over $26 an ounce. Gold prices surged to all-time record highs again, nearing the $1,400 an ounce mark. Aluminum increased to its highest levels since April, and silver went over $26 an ounce.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Halliburton closed at $32.85 Thursday, rising $1.16, or 3.66 percent. Apache Corp surged to close at $107.79, gaining $5.21, or 5.08 percent. Chevron was up to $85.14 at the end of the trading session, rising by $2.44, or 2.95 percent.
Commodity prices in general increased, including silver, which increased to over $26 an ounce. Gold prices surged to all-time record highs again, nearing the $1,400 an ounce mark. Aluminum increased to its highest levels since April, and silver went over $26 an ounce.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Halliburton closed at $32.85 Thursday, rising $1.16, or 3.66 percent. Apache Corp surged to close at $107.79, gaining $5.21, or 5.08 percent. Chevron was up to $85.14 at the end of the trading session, rising by $2.44, or 2.95 percent.
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.'"
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.'"
Halliburton’s (NYSE:HAL) Credit-Default Swaps Soar After Devastating BP (NYSE:BP) Well Report
There is no doubt the report of the oil commission that Halliburton's (NYSE:HAL) choice of cement used on the Macondo well of BP (NYSE:BP) was flawed is devastating to the company, and it showed in their credit-default swaps, which soared in price after the news was released.
Halliburton CDS contracts surged by 27.3 basis points to 87.2 at 4:30 PM EDT in New York, their highest level since June, according to CMA, which provided the data.
The National Commission on the BP Deepwater Horizon Oil Spill found that three of the four tests performed by Halliburton on the cement found it was unstable for use.
Only one test result appears to have reached BP's hands before the Deepwater Horizon disaster.
A credit-default swap pays the buyer face value minus the value of the defaulted debt.
This will no doubt be a huge weight on the share price and liability of Halliburton going forward, as the same uncertainty which has surrounded BP will be, albeit probably to a lesser degree, on Halliburton as well.
Shares of Halliburton were punished Thursday, plummeting to $31.68, dropping $2.74, or 7.96 percent. After hours they were continuing to drop.
Halliburton CDS contracts surged by 27.3 basis points to 87.2 at 4:30 PM EDT in New York, their highest level since June, according to CMA, which provided the data.
The National Commission on the BP Deepwater Horizon Oil Spill found that three of the four tests performed by Halliburton on the cement found it was unstable for use.
Only one test result appears to have reached BP's hands before the Deepwater Horizon disaster.
A credit-default swap pays the buyer face value minus the value of the defaulted debt.
This will no doubt be a huge weight on the share price and liability of Halliburton going forward, as the same uncertainty which has surrounded BP will be, albeit probably to a lesser degree, on Halliburton as well.
Shares of Halliburton were punished Thursday, plummeting to $31.68, dropping $2.74, or 7.96 percent. After hours they were continuing to drop.
Halliburton (NYSE:HAL) Under Fire Over BP (NYSE:BP) Cementing Job
In what could be extraordinarly costly to Halliburton (NYSE:HAL), findings by the oil spill commission point to the cement mixture used to seal the BP (NYSE:BP) oil well was faulty.
The findings contradict prior statements made by Halliburton which asserted the well design of BP was at fault in the crisis.
Investigators said the tests performed by Halliburton, and their results, should have raised flags as to its viability.
Halliburton has claimed their tests results revealed the cement mix was stable for use.
According to the panel, of the four tests performed in February and April, only one of them has results which had the mix holding up. Even worse, the results may not have been shared with BP, or possibly even Halliburton before the cement had been pumped into the well, according to chief investigative counsel Fred H. Bartlit Jr.
When the well exploded, BP had a single result of the four tests available to them.
"Halliburton should have considered redesigning the foam slurry before pumping it at the Macondo well," Bartlit concluded.
Internal tests by BP and an independent test conducted by Chevron (NYSE:CVX) on behalf of the commission reached the same conclusions, that the cement pumped into the well was flawed.
It appears BP hadn't received reports on the tests until after the accident.
This could be devastating to Halliburton depending on the consequences of the determination.
The findings contradict prior statements made by Halliburton which asserted the well design of BP was at fault in the crisis.
Investigators said the tests performed by Halliburton, and their results, should have raised flags as to its viability.
Halliburton has claimed their tests results revealed the cement mix was stable for use.
According to the panel, of the four tests performed in February and April, only one of them has results which had the mix holding up. Even worse, the results may not have been shared with BP, or possibly even Halliburton before the cement had been pumped into the well, according to chief investigative counsel Fred H. Bartlit Jr.
When the well exploded, BP had a single result of the four tests available to them.
"Halliburton should have considered redesigning the foam slurry before pumping it at the Macondo well," Bartlit concluded.
Internal tests by BP and an independent test conducted by Chevron (NYSE:CVX) on behalf of the commission reached the same conclusions, that the cement pumped into the well was flawed.
It appears BP hadn't received reports on the tests until after the accident.
This could be devastating to Halliburton depending on the consequences of the determination.
Friday, October 22, 2010
Will Diamond Offshore (NYSE:DO) and Noble (NYSE:NE) Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) Rebound After Moratorium Lifted?
While the earnings of oil field services like Diamond Offshore (NYSE:DO) and Noble (NYSE:NE), Halliburton (NYSE:HAL) and Weatherford (NYSE:WFT) could have been worse, overall they didn't fare too badly in light of the conditions they faced in the latest quarter.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
The question is will they start to improve now that the Gulf oil moratorium has been lifted by the Obama administration.
The quick and easy answer to that is no they won't improve. At least as to how the Gulf limitations affect their businesses.
In reality, as far as effectively, the moratorium is really still in place, as the permitting process and new regulations will limit drilling and work in the Gulf for some time.
That's why Obama lifted the moratorium, as he could keep things as they are while permits and regulations force companies to take a lot of time to adjust and be approved.
So Obama can say he lifted the moratorium before the November elections, while keeping the affect of the moratorium on the companies who want to work in the Gulf.
Short-term the companies will still continue to struggle depending on their exposure to the Gulf.
The last quarter should be the same as this quarter for productivity in the Gulf of Mexico for the oil field services companies.
Wednesday, October 20, 2010
Citigroup (NYSE:C) Keeps Halliburton (NYSE:HAL) as Top Pick in Diversified Service Companies
Even though Halliburton Company (NYSE:HAL) took a big hit after reporting its most recent quarterly results, Citigroup (NYSE:C) said the drop in price of 5 percent wasn't justified.
“Completions intensity trends remain strong in North America, volume (and eventually pricing gains) internationally should materialize in 2011, and drill bits should start turning again next year in the Gulf of Mexico. The stock still looks cheap at its 2011 EV/EBITDA of 6.5x compared to 9.1x, 7.5x, and 6.6x for SLB, WFT, and BHI, respectively,” Citigroup wrote in a note.
So with the fundamentals still in place, Citigroup said, “We have raised our price target to $47 from $42 solely on our higher estimates and HAL remains our top pick among the ‘big four' diversified service companies.”
Halliburton took more damage Tuesday, closing at $33.18, down $0.91, or 2.67 percent.
“Completions intensity trends remain strong in North America, volume (and eventually pricing gains) internationally should materialize in 2011, and drill bits should start turning again next year in the Gulf of Mexico. The stock still looks cheap at its 2011 EV/EBITDA of 6.5x compared to 9.1x, 7.5x, and 6.6x for SLB, WFT, and BHI, respectively,” Citigroup wrote in a note.
So with the fundamentals still in place, Citigroup said, “We have raised our price target to $47 from $42 solely on our higher estimates and HAL remains our top pick among the ‘big four' diversified service companies.”
Halliburton took more damage Tuesday, closing at $33.18, down $0.91, or 2.67 percent.
Tuesday, October 19, 2010
Morgan Stanley (NYSE:MS) Downgrades Halliburton (NYSE:HAL) on Disappointing Results
The seemingly strong performance of Halliburton (NYSE:HAL) wasn't enough to impress the market, and the share price of the oil giant got hammered, with Morgan Stanley (NYSE:MS) adding insult to injury by downgrading them from "Overweight" to "Equalweight."
Earnings for the quarter ending September 30 were $544 million, or 60 cents a share. That's over double the $262 million earning in the same period last year, or $0.29 a share.
Revenue for the quarter jumped to $4.67 billion, a 30 percent gain. The street was looking for revenue of $4.78 billion, and earnings of $0.56 a share.
Halliburton shares were pressured down as a result, closing Monday at $34.09, losing $1.73, or 4.83 percent.
Earnings for the quarter ending September 30 were $544 million, or 60 cents a share. That's over double the $262 million earning in the same period last year, or $0.29 a share.
Revenue for the quarter jumped to $4.67 billion, a 30 percent gain. The street was looking for revenue of $4.78 billion, and earnings of $0.56 a share.
Halliburton shares were pressured down as a result, closing Monday at $34.09, losing $1.73, or 4.83 percent.
Monday, October 18, 2010
Halliburton (NYSE:HAL) Crushed After Earnings Report
With expectations at high levels, the improved revenue and earnings of Halliburton Company (NYSE:HAL) weren't enough to satisfy investors, who sold the stock off after the released quarterly report.
Revenue for the third quarter soared 30 percent to $4.67 billion, up from the $3.59 in the same quarter last year. Net profit grew to $544 million, over double last years' numbers. That equaled 60 cents a share, in contrast to $262 million, or 29 cents a share last year.
Over half the revenue for Halliburton was generated in North America even with the Gulf oil crisis, amounting to $2.4 billion.
Outside of the United States and Canada, results were disappointing, with slow growth in Latin America and the Middle-East-Asia regions, and decline of growth in former Soviet nations, Europe and Africa.
Shale gas fields led the way in North America, helping the company generate record revenue in the quarter.
Interestingly, Halliburton is moving toward more gas production in a depressed natural gas price market, generating strong revenues, while gas companies have been expanding into the oil market for the same reasons: lower margins and prices.
Halliburton plunged to $33.82, losing $2.00, or 5.58 percent at 2:11 PM EDT.
Revenue for the third quarter soared 30 percent to $4.67 billion, up from the $3.59 in the same quarter last year. Net profit grew to $544 million, over double last years' numbers. That equaled 60 cents a share, in contrast to $262 million, or 29 cents a share last year.
Over half the revenue for Halliburton was generated in North America even with the Gulf oil crisis, amounting to $2.4 billion.
Outside of the United States and Canada, results were disappointing, with slow growth in Latin America and the Middle-East-Asia regions, and decline of growth in former Soviet nations, Europe and Africa.
Shale gas fields led the way in North America, helping the company generate record revenue in the quarter.
Interestingly, Halliburton is moving toward more gas production in a depressed natural gas price market, generating strong revenues, while gas companies have been expanding into the oil market for the same reasons: lower margins and prices.
Halliburton plunged to $33.82, losing $2.00, or 5.58 percent at 2:11 PM EDT.
Monday, October 11, 2010
BP (NYSE:BP) Oil Rig Too Busy Before Critical Operations Says Contractor
Just about every type of alleged lax condition was on the Deepwater Horizon oil rig operated by BP (NYSE:BP) leading up to the explosion which killed 11 workers and dumped large amounts of oil into the Gulf of Mexico, according to a seemingly endless string of witnesses.
The latest assertion is about an hour before the Deepwater Horizon oil rig exploded, it was so busy on the rig it was hard to monitor vital data.
That was from a Halliburton (NYSE:HAL) support services coordinator testifying before a investigative panel of the federal government.
According to John Gisclair, pressure rose sharply before the incident and a sharp drop in pressure a little while later. That may have indicated something wrong was going on, said Gisclair.
Allegedly one worker communicated to Gislclair that there were so many things going on at the same time that it was very hard to figure out what was happening.
This was part of the ongoing series of hearings by the joint U.S. Coast Guard-Bureau of Energy Management, Regulation and Enforcement investigative panel.
The latest assertion is about an hour before the Deepwater Horizon oil rig exploded, it was so busy on the rig it was hard to monitor vital data.
That was from a Halliburton (NYSE:HAL) support services coordinator testifying before a investigative panel of the federal government.
According to John Gisclair, pressure rose sharply before the incident and a sharp drop in pressure a little while later. That may have indicated something wrong was going on, said Gisclair.
Allegedly one worker communicated to Gislclair that there were so many things going on at the same time that it was very hard to figure out what was happening.
This was part of the ongoing series of hearings by the joint U.S. Coast Guard-Bureau of Energy Management, Regulation and Enforcement investigative panel.
BP (NYSE:BP) Oil Spill Cases to be Headed Up by Gulf Lawyers
Lawyers from Louisiana, Texas and Florida have been appointed by U.S. District Judge Carl Barbier to oversee the oil spill cases, which includes a steering committee of 15 members.
Appointed by Barbier are Stephen Herman of New Orleans, Brian H. Barr of Pensacola, Florida, James Roy of Layafette, Louisiana, and Scott Summy of Dallas.
Reportedly well over 100 lawyers applied to be part of the steering committee, which means millions for the lawyers involved.
The majority of the lawsuits in questions are class actions against BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM), Anadarko (NYSE:APO) and Mitsui Oil Exploration (NasdaqGS:MITSY), which is majority-owned by MOEX.
Transocean was the owner of the rig and had leased it to BP.
BP is a 65 percent partner in the Macondo Well, Anadarko 25 percent, and Mitsui 10 percent.
The blowout preventer remains a problem, as it'll take a long time for tests to be done on the device to conclude why it failed to do its job.
With that being the key piece of evidence, it's hard to see how some of these lawsuits could go forward until that part of the investigation is completed.
Appointed by Barbier are Stephen Herman of New Orleans, Brian H. Barr of Pensacola, Florida, James Roy of Layafette, Louisiana, and Scott Summy of Dallas.
Reportedly well over 100 lawyers applied to be part of the steering committee, which means millions for the lawyers involved.
The majority of the lawsuits in questions are class actions against BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM), Anadarko (NYSE:APO) and Mitsui Oil Exploration (NasdaqGS:MITSY), which is majority-owned by MOEX.
Transocean was the owner of the rig and had leased it to BP.
BP is a 65 percent partner in the Macondo Well, Anadarko 25 percent, and Mitsui 10 percent.
The blowout preventer remains a problem, as it'll take a long time for tests to be done on the device to conclude why it failed to do its job.
With that being the key piece of evidence, it's hard to see how some of these lawsuits could go forward until that part of the investigation is completed.
Friday, October 8, 2010
BP (NYSE:BP), Halliburton (NYSE:HAL), Cameron (NYSE:CAM) Get Trial Date Extension
U.S. District Judge Carl Barbier granted a motion to have the trial concerning "limitation and liability allocation issues" rescheduled for a later date, as BP Plc (NYSE:BP), Halliburton Energy Services (NYSE:HAL), Cameron International (NYSE:CAM), and others, said they needed more time to prepare.
The new trial date is set to begin on February 27, 2012, about four months later than the original trial date.
Barbier wrote, "While the court intends to expedite this complex litigation to the extent possible, it appears to the court that the defendants' motion has merit, and that there is good cause to reset the limitation trial date."
Much of this was in connection to the government dragging their feet on the investigation into what caused the failure of the blowout preventer from Cameron International.
The Feds have had it for a month and are already a week past the October 1 date they said they were going to begin their investigation on, and it'll take a lot longer before they begin, as they wait for the go ahead on how to proceed with the examination of the device.
Now the testing on the blowout preventer isn't expected to be finished until sometime in February 2011, according to Barbier.
Some attorneys for plaintiffs are complaining that they won't go to trial until sometime during 2013. Maybe they should have went the route of going through the claims process in connection with the BP compensation fund rather than pay huge fees to lawyers, along with the several years it'll take to get a trial, with no guarantee of winning.
Attorneys say this is also a stalling tactic by the companies. But that's not too believable, as it's the U.S. government which is holding things up with their usual incompetence concerning the blowout preventer, not the oil companies or the suppliers.
The new trial date is set to begin on February 27, 2012, about four months later than the original trial date.
Barbier wrote, "While the court intends to expedite this complex litigation to the extent possible, it appears to the court that the defendants' motion has merit, and that there is good cause to reset the limitation trial date."
Much of this was in connection to the government dragging their feet on the investigation into what caused the failure of the blowout preventer from Cameron International.
The Feds have had it for a month and are already a week past the October 1 date they said they were going to begin their investigation on, and it'll take a lot longer before they begin, as they wait for the go ahead on how to proceed with the examination of the device.
Now the testing on the blowout preventer isn't expected to be finished until sometime in February 2011, according to Barbier.
Some attorneys for plaintiffs are complaining that they won't go to trial until sometime during 2013. Maybe they should have went the route of going through the claims process in connection with the BP compensation fund rather than pay huge fees to lawyers, along with the several years it'll take to get a trial, with no guarantee of winning.
Attorneys say this is also a stalling tactic by the companies. But that's not too believable, as it's the U.S. government which is holding things up with their usual incompetence concerning the blowout preventer, not the oil companies or the suppliers.
Thursday, October 7, 2010
BP (NYSE:BP) Challenged on Installation Time of Centralizers
BP (NYSE:BP) has said it in the past when making a decision on how many centralizers it would need to operate the well successfully, that it would have taken a lot of time to install the 21 recommended by Halliburton (NYSE:HAL).
That assumption was challenged by a technician, who was bringing the centralizers to the Deepwater Horizon oil rig to be installed. BP said it would take at least 10 hours to install them, while the technician said would have only taken from 4 to 8 hours.
A centralizer is what keeps the casing centered in the well bore. That means if it isn't placed correctly, gas and oil would escape from the well.
Instead of the installation of 21 centralizers, BP opted to go with only 6, which could have been a major problem in the well ending up causing an explosion.
Testifying at the joint U.S. Coast Guard-Bureau of Energy Management, Regulation and Enforcement investigative panel, technician Daniel Oldfather said he was told the job had been cancelled by BP, but wasn't given the reason.
That assumption was challenged by a technician, who was bringing the centralizers to the Deepwater Horizon oil rig to be installed. BP said it would take at least 10 hours to install them, while the technician said would have only taken from 4 to 8 hours.
A centralizer is what keeps the casing centered in the well bore. That means if it isn't placed correctly, gas and oil would escape from the well.
Instead of the installation of 21 centralizers, BP opted to go with only 6, which could have been a major problem in the well ending up causing an explosion.
Testifying at the joint U.S. Coast Guard-Bureau of Energy Management, Regulation and Enforcement investigative panel, technician Daniel Oldfather said he was told the job had been cancelled by BP, but wasn't given the reason.
Wednesday, October 6, 2010
Barclays (NYSE:BCS) Sees Strong Third Quarter for Noble (NYSE:NE), Halliburton (NYSE:HAL), Baker Hughes (NYSE:BHI), Others
After visiting a number of U.S. Oil Services & Drilling companies last week in their Oilfield Tour in Houston, Texas, Barclays (NYSE:BCS) said they see most companies performing strongly in the third quarter in the sector.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Barclays said:
"Last week we hosted the 21st "Original" Oilfield Tour in Houston,
Texas. The companies we visited on the tour included Baker Hughes (NYSE:BHI), CGGVeritas, FMC Technologies (NYSE:FTI), Halliburton (NYSE:HAL), National Oilwell Varco (NYSE:NOV), Noble Corporation (NYSE:NE), Patterson-UTI Energy (Nasdaq:PTEN), Pride International (NYSE:PDE), Superior Energy Services (NYSE:SPN) and Weatherford International (NYSE:WFT)."
The many companies, for the most part, are positive about the global cycle they feel is now taking hold.
"Similar to the themes highlighted at our 2010 CEO Energy Conference, the companies we visited continued to express optimism that the international upcycle is taking hold. Third quarter results in North America for most companies are likely to be strong. The view of the offshore markets was mixed, with optimism expressed for ultra-deepwater and premium jackup demand globally, while the outlook in the Gulf of Mexico remains weak," concluded Barclays.
Monday, October 4, 2010
Chevron (NYSE:CVX) Cleared for Drilling Off UK, First Since BP (NYSE:BP) Spill
Chevron (NYSE:CVX) was given the okay to start offshore drilling in deep waters off the coast of Britain; the first oil company to be given clearance since the BP (NYSE:BP) oil spill.
In a decision that raised a few eyebrows, Chevron will be bringing in Halliburton (NYSE:HAL), the company that did the cement work on the Deepwater Horizon oil rig leased by BP, which plummeted into the Gulf waters after the explosion.
BP has largely blamed Halliburton for the failure of the rig because of alleged faulty cement work.
Also being hired by Chevron is Cameron International (NYSE:CAM), who provided the failed blowout preventer for the Macondo well. They're providing the blowout preventer for Chevron's drilling.
Responding to some criticism, Britain's Department of Energy and Climate Change said this:
"All lessons learnt from [BP's Macondo well] have been applied to this well and steps have been taken to prevent the specific failures on Macondo. Close scrutiny of the well will continue, by the Health and Safety Executive, by DECC, and by Chevron itself."
Some see the approval for Chevron to go forward as the first step in increasing drilling off the Shetland islands.
BP is also negotiating with the British government over permission to drill in the area.
In a decision that raised a few eyebrows, Chevron will be bringing in Halliburton (NYSE:HAL), the company that did the cement work on the Deepwater Horizon oil rig leased by BP, which plummeted into the Gulf waters after the explosion.
BP has largely blamed Halliburton for the failure of the rig because of alleged faulty cement work.
Also being hired by Chevron is Cameron International (NYSE:CAM), who provided the failed blowout preventer for the Macondo well. They're providing the blowout preventer for Chevron's drilling.
Responding to some criticism, Britain's Department of Energy and Climate Change said this:
"All lessons learnt from [BP's Macondo well] have been applied to this well and steps have been taken to prevent the specific failures on Macondo. Close scrutiny of the well will continue, by the Health and Safety Executive, by DECC, and by Chevron itself."
Some see the approval for Chevron to go forward as the first step in increasing drilling off the Shetland islands.
BP is also negotiating with the British government over permission to drill in the area.
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