Halliburton 4Q profit jumps 50%. US oil and gas consumption to drop. Judge denies BP request to penalize Halliburton. Michael Bromwich successor gets good review. AG supports set-aside for settlements. Judge B. says escrow fees to lawyers don't have to be paid. Rocks that fell on supply ship "not from Macondo"...
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The company that brought you the infamous and ultimately deadly cementing job that has been alleged as one of many problems at the root cause of the Deepwater Horizon explosion and subsequent BP oil gusher is laughing all the way to the bank...
Fourth quarter 2011 earnings are up 50% for the Houston-based company on sales of drilling and fracking equipment, and the contracting work that entails.
“I’m proud to say this was a record year for our company, with revenues of $24.8 billion, operating income of $4.7 billion and with growth, margins and returns that led our peer group,” said Dave Lesar, Halliburton’s chairman, president, and chief executive officer. “Our business has nearly doubled in size over the last five years, primarily from organic growth.”
Sort of like it just exploded, wouldn't you say?
Make them pay their taxes, dammit.
But then, there's this, from the damned if you do and damned if you don't department...
Okay, that headline looks pretty good, doesn't it? Well...yes and no. That does indicate we're using less, or converting to alternative fuels or renewables, or wind or solar. It also means that the oil companies are drilling and fracking more fossil fuels in the US than we use, and that's in part because some of us have been attempting to get away from fossil fuels - driving less, insulating our homes.
“These projections reflect increased energy efficiency throughout the economy, updated assessments of energy technologies and domestic energy resources, the influence of evolving consumer preferences, and projected slow economic growth,” Howard Gruenspecht, the EIA’s acting administrator, said in a statement.
But because of less consumption domestically, there will be a glut... Now the rat bastards can sell more US fuel overseas, where it's a lot more expensive - hence more money in their pockets, and more greenhouse gases released into the atmosphere...
But then there is:
Although greenhouse-gas emissions will rise 3 percent from 2010 to 2035, they nonetheless will stay below 2005 levels thanks largely to coal’s decline, improved efficiency and state-level renewable-power mandates, the agency said. Energy use and climate-warming emissions fell from 2005 levels as a result of the recession.
We stand on the edge of a knife. Hope that we - and the other inhabitants of the planet - are still here by 2025...
Judge denies BP request to penalize Halliburton.
A federal judge on Friday denied BP’s demand that Halliburton be penalized for reportedly destroying potentially damning evidence related to the failure of the cement casings in the Macondo well.
BP did not prove that it had been “prejudiced” by Halliburton’s actions, U.S. Magistrate Judge Sally Shushan wrote in a ruling on Friday. But Shushan told Halliburton to turn over a computer that ran tests on the cement slurry. The judge ordered a third party to run forensics tests on the computer to see if data Halliburton says was lost can be retrieved.
While denying BP’s request to penalize Halliburton, Shushan told the companies to work quickly to do the forensic computer tests and gave them until Jan. 26 to appeal.
Rear Adm. James Watson, the new head of the Interior Department's Bureau of Safety and Environmental Enforcement, continues to get good notices from some of those in the oil and gas world, and on Capitol Hill, who were most critical of his predecessor, Michael Bromwich.
Louisiana Attorney General Buddy Caldwell said he ultimately supported a decision to set aside 4 percent of settlements with state and local governmental bodies related to the BP oil spill because the state was able to get the protections it was seeking that ensure environmental restoration projects would not be put at financial risk. "We got everything we asked for," Caldwell said in an interview in federal court Thursday.
Well, this could piss a bunch of attorneys off...
A Louisiana district court judge has ruled that people pursuing claims against BP outside of federal court do not have to pay fees into an account for hundreds of lawyers.
U.S. District Judge Carl Barbier issued the ruling Wednesday to clarify a previous ruling he made that left everyone still seeking damage payments from BP — even those seeking to settle their cases outside of court — having to pay 6 percent of their claims into an escrow fund. The escrow fund is being set up to pay lawyers suing BP and other companies involved in the nation's largest offshore oil spill.
The trial begins Feb. 27. The truck delivers three 55-gallon drums of popcorn to my house on the 26th...
And this guy is going to be ready on Feb. 27th...
Alabama Attorney General Luther Strange, a first-termer who was appointed coordinating counsel in the BP trial by U.S. District Judge Carl Barbier, will play a lead role in the massive BP litigation, organizing the team of lawyers representing plaintiffs against the companies involved in the 2010 Deepwater Horizon oil spill.
Strange reversed the position of his predecessor, Troy King, and made the decision to not use outside counsel in the litigation, saying he had confidence in his government legal team to do the job for their clients, in addition to saving taxpayer dollars.
Strange said Tuesday that he remains open to a settlement with BP and the other parties responsible for the disaster, and that there are ongoing discussions with the defendants to reach an agreement that would avoid a trial. But he said he is preparing to make opening arguments in the case next month, and that he anticipates a rigorous trial that could last into the fall.
Strange estimates that not hiring outside attorneys will save the state millions of dollars in fees.
Louisiana, on the other hand, is using outside counsel - a position that had generated friction between Gov. Bobby Jindal and Attorney General Buddy Caldwell about how much attorneys should be paid.
Strange, who earned his undergraduate and law degrees at Tulane University in New Orleans, gave high marks to Barbier for his administration of the case so far.
“He’s very efficient,” Strange said. “Any lawyer will tell you that it’s pretty remarkable to get to trial in less than two years, particularly for an incident of this magnitude.”
Oohhh...I hope this is going to be fun!
Well then what were they? Meteorites?
The cement chunks found on the deck of the M/V Damon B. Bankston supply boat after the Deepwater Horizon rig exploded did not come from Halliburton's cement job on the Macondo well, a U.S. Department of Justice official told lawyers gathered Thursday for the monthly status conference in the Gulf of Mexico oil disaster litigation. U.S. Department of Justice attorney Michael Underhill said the testing results not only clear up a point of intrigue, but make the rocks irrelevant to the case.
I still vote for meteorites - Magic Cement™ meteorites from the planet Halliburtonia...
Dammit, we miss you, Fishgrease...
PLEASE visit Pam LaPier's diary to find out how you can help the Gulf now and in the future. We don't have to be idle! And thanks to Crashing Vor and Pam LaPier for working on this!
Previous Gulf Watcher diaries:
|1-20-12 06:34 PM||Gulf Watchers Block Party-Birthday Edition||Phil S 33|
|1-16-12 04:00 PM||Gulf Watchers Monday - BP spill a risk management debacle - BP Catastrophe AUV #576||peraspera|
|1-13-12 06:30 PM||GW Friday Block Party-Real Estate Edition||Phil S 33|
Previous motherships and ROV's from this extensive live blog effort may be found here.
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