Thursday, April 29, 2010

Halliburton (NYSE:HAL), Cameron (NYSE:CAM) Down On Connection to Deepwater Horizon Oil Rig Explosion and Spill

While BP (NYSE:PB) (LON:BP) stock has been getting hammered over the oil rig explosion, other companies like Cameron (NYSE:CAM) and Halliburton (NYSE:HAL) have started to fall because of their connection to the Deepwater Horizon oil which exploded last week.

Transocean Ltd (NYSE:RIG), which owned the rig, continued to get hit hard from the accident as well.

When asked about their exposure to the liability, Cameron (NYSE:CAM) said they're insured for $500 million if they end up being punished in any manner from the event.

This could change once the situation with the oil spill is handled, and once an investigation ensues, the conclusions will probably be targeted, which will help some of these companies, but will hurt some even more if they're considered the one liable for what happened.

No comments: