Sunday, May 30, 2010

Halliburton planned it all!

The oil well explosion in the Gulf of Mexico could be a well-timed and profitable accident for Halliburton, the global oil company with the famous connection to former U.S. Vice President Dick Cheney. Just eight days before the uber-Valdez accident, Houston-based Halliburton acquired Boots & Coots Services, also based in Houston, in a $240 million cash and stock deal.

Boots & Coots, which uses the graphic of a burning oil well to represent the ampersand in its name, specializes in "pressure control and well intervention services." In other words, when an oil well explodes, Boots & Coots can step in and help remedy the problem. In a release, Jerry Winchester, Boots & Coots president and CEO, says "Combining the resources of both companies creates the premier intervention company across the globe.”

While Halliburton's timing of the acquisition could be chalked up to luck, some members of Congress are asking questions. Reps. Henry A. Waxman (D-Beverly Hills) and Bart Stupak (D-Mich.), have asked Halliburton provide all documents relating to "the possibility or risk of an explosion or blowout" at the rig in the Gulf, according to a report in the LA Times.
They just couldn't have foreseen it would get so big and out of control..... Kinda like the Iraq war....


Bryan said...

If you worked in the oil business any length of time and looked at BP's design for that well, you would know the well was going to blow.

Halliburton installed its own sensors on the well and sent the readings back to its headquarters because it felt sure that the design was going to cause a blowout and they didn't want to be held responsible. They got in a public fight on the rig with BP over the design to ensure they would have witnesses. They must have been in CYA mode for months to have coverage this heavy for what is normally a routine job.

I feel certain they have written correspondence sent BP objecting to what was done.

If Boots & Coots came on the market, they would be fools not to snap it up knowing the way BP was doing things.

Halliburton is evil, but smart. BP is evil and stupid.

FYI: Boots & Coots are the nicknames of the two guys who founded the company after a falling out with their former employer, the legendary Red Adair.

ellroon said...

Dear god, Bryan. I'm sure you're right.

I hope Waxman and Stupak find some incriminating papers...