Posts Tagged ‘Halliburton’

Oil Spill: Commission Finds That Companies Knew of Cement Flaws in the Macondo Well

Oil Spill: Commission Finds That Companies Knew of Cement Flaws in the Macondo Well [UPDATE]

By BRYAN WALSH, courtesy of TIME 

DULARGE, LA - AUGUST 16: Daniel May runs his small shrimping skiff through a bayou on August 16, 2010 near DuLarge, Louisiana. Today marks the beginning of the shrimping season for white shrimp in Louisiana, the first since the Deepwater Horizon accident in the Gulf of Mexico. (Photo by Win McNamee/Getty Images)

[Update: Looking again over the letter from the commission's investigator, Fred Bartlit, it's not obvious how clear Halliburton's one warning to BP on the cement test were. From the letter:

Halliburton provided data from one of the two February tests to BP in an email dated March 8, 2010. The data appeared in a technical report along with other information. There is no indication that Halliburton highlighted to BP the significance of the foam stability data or that BP personnel raised any questions about it. There is no indication that Halliburton provided the data from the other February test to BP.

If Halliburton really failed to highlight the problems with the cement test to BP, and simply buried the data in a vast technical report, that would seem to shift more of the blame to Halliburton—although at the end of the day, it is still BP's well. And as Bartlit notes at the end of his letter, since there's always a risk that cement jobs can be faulty, there are tests that can be done to doublecheck the quality—and BP and Transocean, the company actually operating the Deepwater Horizon, did not seem to perform these tests. More info will be forthcoming as the companies respond, but right now it's not looking good for Halliburton—the company's share prices are already down by 8%.]

Original post: In the first official finding of responsibility for the Deepwater Horizon catastrophe—the worst oil spill in U.S. history—the presidential commission investigating the accident found that both Halliburton and BP knew before the explosion on April 20 that the cement mixture that was meant to seal the Macondo well was unstable. Despite that fact, they still went ahead with the work, setting the stage for the accident. The staff found that Halliburton—in charge of cementing the Macondo well—had conducted four laboratory tests that indicated the cement mixture standards wasn’t up to industry standards. The results of at least one of those tests was given to BP on March 8, yet BP failed to act on it. Another Halliburton cement test was carried out about a week before the Deepwater Horizon blowout—and the test also found the cement was unstable—yet the results were never sent to BP.

All of this new information comes…
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Who Will Profit from the Oil Spill

Who Will Profit from the Oil Spill

Political And Economic Leaders Attend National Clean Energy Summit

By Charles S. Brant, Energy Correspondent, courtesy of Casey’s Energy Opportunities

The disaster in the Gulf of Mexico may be the best thing that’s ever happened to green energy producers in the U.S – but the one that benefits the most will probably surprise you.     

As the damaged Deepwater Horizon well continues to pump out 5,000 barrels of oil per day into the Gulf, all the major stakeholders are scrambling to find a way to contain the damage. Investors in BP, Anadarko, Transocean, and Halliburton have had a rough few weeks and should be nervous about the future. The growing political firestorm that’s accompanied this ecological disaster is drastically reshaping the energy landscape in the U.S. There’s huge money to be made from the biggest structural change to the energy markets in the past 50 years, if you know where to look.    

The political and economic fallout from this accident is starting to take shape, with the executives from BP, Transocean, and Halliburton being paraded in front of Congress for a public chastising. Predictably, politicians are making stern promises of tighter regulations in the future. 

At this point, it’s a guessing game as to what the new permanent regulations will be. So far, a temporary moratorium has been put in place on the issuance of new offshore oil and gas drilling permits. In addition, the Department of the Interior plans to restructure the federal Minerals Management Service (MMS) to eliminate the conflict of interest inherent in its role of monitoring safety, managing offshore leasing, and collecting royalty income.

Activists protest off shore oil drilling near White House

The Department of the Interior has plans to make offshore drilling rig inspections much stricter. Interior Secretary Ken Salazar has also promised tighter environmental…
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Zero Hedge

Substance Abuse Touches Around Half Of All American Families

Courtesy of ZeroHedge View original post here.

According to Gallup, the effects of substance abuse are felt by around half of all American families, with, as Statista's Katharina Buchholz notes, only slight differences were recorded by the survey regarding race or sex.

46 perce...



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Phil's Favorites

Disney Did In 1 Day What Took HBO 4 Years: 10 Million Streaming Subscribers

Courtesy of ZeroHedge

Somewhere Netflix and Amazon video are sweating.

Disney announced today that Disney+ has reached a stunning 10 million plus subscribers just 24 hours after its launch yesterday in the U.S., Canada, and Netherlands; the figure surprised analysts who had expected a much slower rollout for Disney to reach that level, although let's just ignore that most of the new "subs" are only there thanks to one of the various free streaming offers (perhaps someone should launch WeStream).

Separately, Apptopia reported 3.2 million mobile app downloads in the first 24 hours, with an estimated 89% of mobile downloads in the U.S., 9% in Canada, and 2% in the Netherlands. In just one day, users spent 1.3 million hours watching it, Apptopia said, more th...



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The Technical Traders

Great Cycles Article PG 9 in TradersWorld Mag - Free

Courtesy of Technical Traders

  1. How to Use Price Cycles and Profit as a Swing Trader
  2. Geodetics and the Affairs of Men – USA, and China
  3. Cosmological Economics
  4. Time Machine
  5. Trading Means Pr...


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Digital Currencies

Is Bitcoin a Macro Asset?

 

Is Bitcoin a Macro Asset?

Courtesy of 

As part of Coindesk’s popup podcast series centered around today’s Invest conference, I answered a few questions for Nolan Bauerly about Bitcoin from a wealth management perspective. I decided in December of 2017 that investing directly into crypto currencies was unnecessary and not a good use of a portfolio’s allocation slots. I remain in this posture today but I am openminded about how this may change in the future.

You can listen to this short exchange below:

...



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Kimble Charting Solutions

Silver Testing This Support For The First Time In 8-Years!

Courtesy of Chris Kimble

Its been a good while since Silver bulls could say that it is testing support. Well, this week that can be said! Will this support test hold? Silver Bulls sure hope so!

This chart looks at Silver Futures over the past 10-years. Silver has spent the majority of the past 8-years inside of the pink shaded falling channel, as it has created lower highs and lower lows.

Silver broke above the top of this falling channel around 90-days ago at (1). It quickly rallied over 15%, before creating a large bearish reversal pattern, around 5-weeks after the bre...



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Insider Scoop

Analysts Upbeat On Skyworks' Fundamentals

Courtesy of Benzinga

Skyworks Solutions Inc (NASDAQ: SWKS) reported better-than-expected fiscal fourth-quarter earnings and revenues, but the stock is slipping in reaction to the year-over-year declines in both metrics.

The Analysts

Bank of America analyst Vivek Arya reiterated an Underperform rating and $92 price target for Skyworks shares. (See his track record ...



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Chart School

Gold Gann and Cycle Review

Courtesy of Read the Ticker

Gold has performed well, golden skies are here again. In fact it has been a straight line move, and this is typically unusual and a pause can be expected.

It seems the markets are happy again, new highs in the SP500, US 10 year interest rates look to re bound, negative interest may soften. The US FED has reversed their QT and now doing $250BN (not QE) repo. The main point is the FED has stopped QT, and will do QE forever. The evidence now is the FED put is under market risk and the possibility of excessive losses do not exist. 

Point: If in future if there is market risk, the FED will print it's way out of it.
Subject To: In this blog view. The above is so until the amount required rocks confidence in the US dollar as a reserve currency.&n...



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Lee's Free Thinking

Today's Fed POMO TOMO FOMC Alphabet Soup Unspin

Courtesy of Lee Adler

But make no mistake, if the Fed wants money rates to stay down by another quarter, it will need to imagineer even more money.

That’s on top of the $281 billion it has already imagineered into existence since addressing its “one-off” repo market emergency on September 17. This came via  “Temporary” Repo Man Operations money, and $70.6 billion in Permanent Open Market Operations (POMO) money.

By my calculations that averages out to $7.4 billion per business day. That works out to a monthly pace of $155 billion or so.

If they keep this up, it will be more than enough to absorb every penny of new Treasury supply. That supply had caused the system to run out of money in mid September.  This flood of paper had been inundati...



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Biotech

The Big Pharma Takeover of Medical Cannabis

Reminder: We are available to chat with Members, comments are found below each post.

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Promotions

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Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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