Energy Sector Review: Chevron Criminal Charges, BP Sues Halliburton
Chevron Corporation (NYSE:CVX): Criminal charges may be filed against Chevron (NYSE:CVX) by a Brazilian prosecutor “within weeks” over a November offshore oil spill, Reuters reports. Three Brazilian government officials involved in the case sat the filing in Campos federal court is likely to include a request for criminal indictment of George Buck, Chevron’s Brazil CEO, as well as other local managers. Transocean (NYSE:RIG) and some of its employees are also expected to be charged.
The shares closed at $103.96, down $2.63, or 2.47%, on the day. Its market capitalization is $207.03 billion.
Halliburton Company (NYSE:HAL), Transocean LTD (NYSE:RIG): Halliburton (NYSE:HAL) is advancing after a judge ruled that Transocean (NYSE:RIG) will not have to pay any clean up costs and economic losses caused by the 2010 Gulf oil spill. Transocean’s indemnity agreement with BP (NYSE:BP) protects the company from having to pay compensatory damages, the judge found. Meanwhile, BP has sued Halliburton, which was the cement contractor for the well that triggered the Gulf spill, for all of the damages and costs caused by the disaster. Like Transocean, Halliburton has countered by saying that its contract with BP indemnifies it from all damage claims related to the disaster. In mid-morning trading, Halliburton gained $1.09, or 3.01%, to $37.25, while Transocean rose 89c, or 1.88%, to $48.15 and BP fell $1, or 2.23%, to $43.77.
HAL shares closed at $37.10, up $0.94, or 2.6%, on the day. Its market capitalization is $34.14 billion.
RIG shares closed at $48.13, up $0.87, or 1.84%, on the day. Its market capitalization is $15.39 billion.
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