Halliburton (NYSE:HAL) went directly to their shareholders today in a conference call, helping give context to the overall Gulf fiasco and what they believe their exposure to it would be and how it will impact the company.
Evidently the shareholders liked what they heard, and the share price of Halliburton soared over 11 percent as of around 1:00 p.m. EDT.
Before today that had lost 36 percent since the time the leak began.
What Halliburton pointed out concerning the Gulf was it represented about 12 percent of North American revenue in 2008, about 16 percent in 2009, and close to 13 percent in the first quarter of 2010.
Of that, 65 percent of the current business Halliburton does in the Gulf of Mexico is in deepwater.
Maybe what convinced shareholders the most was the belief from Halliburton leadership that they did the work on the well according to the instructions given them by the owner, and the contracts which apply to the situation provide for full indemnification concerning all possible claims and expenses that may result from the work.
Halliburton also mentioned they have liability insurance of $600 million for general purposes.
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