HOUSTON--(BUSINESS WIRE)--Sep. 4, 2014--
Halliburton (NYSE: HAL) today said that the United States District Court
for the Eastern District of Louisiana ruled that Halliburton was
negligent in its conduct related to the April 20, 2010 Macondo well
incident in the Gulf of Mexico. The Court allocated 3 percent of the
fault to Halliburton with the remaining fault allocated to other parties
involved. Further, the Court did not find that Halliburton’s conduct
constituted gross negligence.
Halliburton is pleased with today’s ruling, which, coupled with our
earlier announced settlement with the plaintiffs’ class, means the
Macondo case is essentially over for Halliburton.
The Court also held that, pursuant to the parties’ contract, BP must
indemnify and release Halliburton with respect to compensatory damages
claims. In addition, the lack of a gross negligence finding against
Halliburton should resolve all remaining punitive damages claims against
the company. Halliburton is continuing to evaluate the various aspects
of the rulings and will act appropriately to defend its interests in any
further proceedings.
Halliburton previously announced that it has reached an agreement to
settle punitive damages claims against Halliburton by a class of
plaintiffs who allege damages to property or associated with the
commercial fishing industry arising from the Deepwater Horizon incident,
and claims against Halliburton that BP assigned to the settlement class
in BP’s April 2012 settlement. The approximately $1.1 billion
settlement, which includes legal fees, is subject to approval by the
United States District Court for the Eastern District of Louisiana, and
will be paid into a trust until all appeals have been resolved in three
installments over the next two years. The company’s previously accrued
loss contingency provision relating to the multi-district litigation
proceedings is currently $1.3 billion.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With more than 80,000
employees, representing 140 nationalities in approximately 80 countries,
the company serves the upstream oil and gas industry throughout the
lifecycle of the reservoir - from locating hydrocarbons and managing
geological data, to drilling and formation evaluation, well construction
and completion, and optimizing production through the life of the field.
Visit the company’s website at www.halliburton.com.
Connect with Halliburton on Facebook,
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LinkedIn,
Oilpro
and YouTube.
Note: The statements in this press release that are not historical
statements are forward-looking statements within the meaning of the
federal securities laws. These statements are subject to numerous risks
and uncertainties, many of which are beyond the company's control, which
could cause actual results to differ materially from the results
expressed or implied by the statements. These risks and uncertainties
include, but are not limited to: final court approval of Halliburton’s
settlement, BP’s April 2012 settlement, the multi-district litigation
(MDL) District Court’s determination regarding the enforceability of
BP’s contractual indemnity to Halliburton and the MDL District Court’s
dismissal of economic-only claims against Halliburton; results of
litigation, settlements, and investigations not covered by the
settlement; actions by third parties, including governmental agencies
relating to the Macondo well incident; an agreed-upon level of
participation by claimants in the settlement; indemnification and
insurance matters; Halliburton's Form 10-K for the year ended December
31, 2013, Form 10-Q for the quarter ended June 30, 2014, recent Current
Reports on Form 8-K, and other Securities and Exchange Commission
filings discuss some of the important risk factors identified that may
affect Halliburton's business, results of operations, and financial
condition. Halliburton undertakes no obligation to revise or update
publicly any forward-looking statements for any reason.
Source: Halliburton
Halliburton
For Investors:
Kelly Youngblood,
281-871-2688
Halliburton, Investor Relations
Investors@Halliburton.com
or
For
Media:
Emily Mir, 281-871-2601
Halliburton, Public
Relations
PR@Halliburton.com