Halliburton To Pay $1.1 Billion In Damages
That is the settlement amount that Dick Cheney’s former company will have to pay in the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.
The settlement represents a small fraction of the damages paid out by the companies involved in the accident, which left 11 workers dead, spilled millions of gallons of oil into the gulf and soiled hundreds of miles of beaches. But it goes a long way toward resolving Halliburton’s exposure to liability claims.
Had the cement Halliburton mixed and applied to the well been sturdy enough, the worst offshore oil spill in American history would probably not have occurred, according to several studies of the accident. Four years after the disaster, Halliburton and BP continue to dispute which company was responsible for the faulty cement job.
The settlement agreement was long expected since the oil service company pleaded guilty to a criminal charge of destroying evidence last year. The company had set aside $1.3 billion to cover losses from litigation.[su_sky_ad]