The Presidential Commission statement said Halliburton knew the cement it mixed to seal BP's Macondo well was unstable , and Halliburton is down 8 percent today.
That is well off its lows. One reason: it's unclear what liabilities HAL may be facing even if the cement was unstable.?
Halliburton itself has stated: "BP Exploration contractually assumed responsibility for costs and expenses relating to this event, including claims for gross negligence. "
None of this means anyone should be dismissive of findings of Halliburton's alleged negligence. But the findings are separate from the potential legal liabilities.
Even the Presidential Commission stated: "Finally, we want to emphasize that even if our concerns regarding the foam slurry design at Macondo are well founded, the story of the blowout does not turn solely on the quality of the Macondo cement job. "
Halliburton still down 9 percent but well of its lows after the release of documents from the Presidential Commission said test data indicated that cement similar to that pumped into the blown-out well would be unstable.
The stock is moving off its lows because many traders seem skeptical that HAL will be forced into a large settlement. "Ultimately - BP signed off on the well design and cement job and has indemnified HAL," one trader wrote to me.
A spokesperson for Halliburton released the following statement: "We continue to review today's report from the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling and will publish a response later today."
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