Halliburton Co fell 7.61% yesterday and it's on its way to having another down day. It is currently down 6.73%. The price of oil has fallen about 7% since yesterday's open.
There has been more news on the Macondo oil well incident. Halliburton alleges that BP did not provide it with accurate information regarding the locations of the hydrocarbon zones (gas containing) that is crucial in the process of cementing oil wells. BP believes that HAL should take fault in the lawsuits it faces. HAL thinks it did nothing wrong in the services it provided to BP. HAL claims that "profits and greed" were behind the alleged misinformation. The company is confident that it will not realize any losses from the lawsuits. The trial on liability is scheduled to start February 27, 2012.
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