Haliburton agrees to over a billion dollars in settlement

harleysportster
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Haliburton agrees to over a billion dollars in settlement

 Four years later and oil apparently is still washing up on the shore. 

america.aljazeera.com/articles/2014/9/2/halliburton-gulfsettlement.html

Halliburton agrees to $1.1B settlement for role in Gulf oil spill

Settlement absolves company of further punitive damages if its 'gross negligence' is found to have contributed to spill

September 2, 2014 6:58PM ET

Halliburton has reached a $1.1 billion settlement over its role in the 2010 spill in the Gulf of Mexico, the worst in American history. 

The U.S. District Court for the Eastern District of Louisiana must still approve the settlement, Halliburton said. The amount will be paid in three installments over the next two years, and will be kept in a trust until all appeals are resolved, the company said.

In April 2010, an explosion and blowout occurred at BP’s Macondo well, killing 11 workers and spilling millions of barrels of oil for months after the disaster. The full economic and environmental impact of the spill remains unknown.

Under the settlement, Halliburton is protected from further punitive damages, if the court rules in the future that the company had been negligent for its role in the blowout, said Mark McCollum, the company's chief financial officer.

If a federal judge found Halliburton’s gross negligence to be a major factor in the blowout, plaintiffs could choose to hold out for a larger settlement. In that case, Halliburton would most likely appeal the decision, which would further delay payments.Halliburton provided cementing services for BP’s well, and placed the “centralizers” responsible for stabilizing the drilled hole during cementing. The company said the spill was BP's fault because it had decided to use only six centralizers, which Halliburton said was an effort by BP to save “time and money.”The companies sued each other over which was responsible in 2011, and in October 2013 a former Halliburton manager, Anthony Badalamenti, plead guilty to accusations that he destroyed evidence related to the spill. Badalamenti, who was given one year of probation, said it was discovered after the spill that the use of fewer centralizers on the well made little difference, and he ordered the program manager to destroy the results of the simulation.     

 

“It is proof of a base and low mind for one to wish to think with the masses or majority, merely because the majority is the majority. Truth does not change because it is, or is not, believed by a majority of the people.”
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harleysportster
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And the rest

 BP has so far paid about $28 billion for its part in the blow out.

 April marked the spill’s fourth anniversary, and the National Wildlife Federation (NWF) released a report cataloging persistent health and environmental effects of the incident. More than 8,000 birds, sea turtles, and marine mammals were injured or killed in the months following the disaster, according to the NWF report. The report called special attention to the effects of controversial dispersants used to clean up the spill. Two million gallons of chemical dispersants were used after the blow out, according to the NWF, which merely cause oil to attach to the powder and sink to the bottom of the Gulf. That’s why oil continues to wash up on wetlands and beaches and continues to contaminate the food chain in the Gulf region, NWF said. 

 

“It is proof of a base and low mind for one to wish to think with the masses or majority, merely because the majority is the majority. Truth does not change because it is, or is not, believed by a majority of the people.”
― Giordano Bruno


digitalbeachbum
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 I refuse to use BP any

 I refuse to use BP any more. They are assholes.


Brian37
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 How about Dick Cheney and

 How about Dick Cheney and Iraq?

"We are a nation of Christians and Muslims, Jews and Hindus -- and nonbelievers."Obama
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Brian37
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digitalbeachbum wrote: I

digitalbeachbum wrote:

 I refuse to use BP any more. They are assholes.

BP has since put out a PR add telling everyone how much they care. BARF!

"We are a nation of Christians and Muslims, Jews and Hindus -- and nonbelievers."Obama
Check out my poetry here on Rational Responders Like my poetry thread on Facebook under BrianJames Rational Poet also on twitter under Brianrrs37