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When Halliburton sought for the best and most qualified company to control the oil well fires in Iraq, they turned to Boots & Coots. Boots & Coots came in and efficiently handled the blowouts under an extremely hostile environment.
Boots & Coots was in Kuwait leading the effort to put out the hundreds of oil well fires set by Iraqi troops in the first Gulf War. The work in Kuwait cemented our reputation as the premiere oil well firefighting and blowout control company.
Halliburton IS the War Machine: Finally, we come to the most likely culprit in all of this, and a sure sign that indeed this is an act of war. Wherever Halliburton goes, so goes the war machine, and vice versa. From no-bid and no-account contracts in Iraq (and post-Katrina New Orleans, by the way) to a massive corporate presence in the Gulf region, these folks seem to have an acute capacity for making a buck on cataclysms of all sorts. Perhaps more to the point, they appear to be at the nexus of most disaster zones, including the erstwhile Bush Presidency and now the Deepwater Horizon Oil Spill. As a recent article in the Huffington Post notes:
"Giant oil-services provider Halliburton may be a primary suspect in the investigation into the oil rig explosion that has devastated the Gulf Coast, the Wall Street Journal reports. Though the investigation into the explosion that sank the Deepwater Horizon site is still in its early stages, drilling experts agree that blame probably lies with flaws in the 'cementing' process -- that is, plugging holes in the pipeline seal by pumping cement into it from the rig. Halliburton was in charge of cementing for Deepwater Horizon."
Oilfield services giant Halliburton Co. (HAL) said late Friday it will buy Boots & Coots Inc. (WEL) in a cash-and-stock deal valued at about $232 million.
Shares of Boots & Coots, which provides pressure-control services as well as emergency response and control of oil and gas well blowouts and well fires, jumped 23% to $2.88 in light premarket trading on Monday.
Boots & Coots Inc., the oil well firefighter being bought by Halliburton Co. for more than $240 million, was sued by an investor who contends some company officials wrongly stand to gain a windfall in the deal.
Boots & Coots on March 1 awarded some executives restricted stock grants at $1.88 a share, and the stock may be sold at the Halliburton offering price of $3 a share, stockholder Herbert Silverberg said yesterday in a Delaware Chancery Court lawsuit in Wilmington.
The suit was filed “for the benefit of the company,” “and seeks to disgorge the restricted stock awarded by the board to themselves,” as well as damages, according to the complaint.
Halliburton, an energy services engineering company, said April 9 it would a pay 28 percent premium for Boots & Coots in cash and stock to add firefighting services. Both companies are based in Houston.
NEW YORK (MarketWatch) -- Halliburton Co. said Monday its first-quarter net income fell 46%, as the oil service giant booked one-time costs related to the devaluation of the Venezuelan currency, while operating income rose.
Halliburton /quotes/comstock/13*!hal/quotes/nls/hal (HAL 30.65, -0.95, -3.01%) said earnings fell to $206 million, or 23 cents a share, from $378 million, or 42 cents a share, in the year-ago period.
Halliburton, for whom George W. Bush hijacked the US military to wage war and perp capital crimes against the people of Iraq, may be and should be subject to severe penalties, perhaps death, as a result of the 'personhood' granted them recently by the US 'Supreme' Court. If Halliburton is a 'person', then Halliburton must be charged with multitudinous crimes, tried, found guilty and 'put to death' but not before it is literally 'fined' out of existence for the monetary damages it has inflicted upon the world environment.
The oil well spewing crude into the Gulf of Mexico didn't have a remote-control shut-off switch used in two other major oil-producing nations as last-resort protection against underwater spills.
The lack of the device, called an acoustic switch, could amplify concerns over the environmental impact of offshore drilling after the explosion and sinking of the Deepwater Horizon rig last week.
The accident has led to one of the largest ever oil spills in U.S. water and the loss of 11 lives. On Wednesday federal investigators said the disaster is now releasing 5,000 barrels of oil a day into the Gulf, up from original estimates of 1,000 barrels a day.
U.S. regulators don't mandate use of the remote-control device on offshore rigs, and the Deepwater Horizon, hired by oil giant BP PLC, didn't have one. With the remote control, a crew can attempt to trigger an underwater valve that shuts down the well even if the oil rig itself is damaged or evacuated.
When Halliburton sought for the best and most qualified company to control the oil well fires in Iraq, they turned to Boots & Coots. Boots & Coots came in and efficiently handled the blowouts under an extremely hostile environment.
Boots & Coots was in Kuwait leading the effort to put out the hundreds of oil well fires set by Iraqi troops in the first Gulf War. The work in Kuwait cemented our reputation as the premiere oil well firefighting and blowout control company.
U.S. regulators don't mandate use of the remote-control device on offshore rigs, and the Deepwater Horizon, hired by oil giant BP PLC, didn't have one. With the remote control, a crew can attempt to trigger an underwater valve that shuts down the well even if the oil rig itself is damaged or evacuated.
Originally posted by BeastMaster2012
reply to post by endtimer
I just want to make sure people know that it was probably Halliburton's fault and it appears that they could have done a few things to prevent the amount of oil spill from happening. I don't know who is to blame for not using acoustic switches but this is a giant mess.
Investigators delving into the causes of the massive gulf oil spill are examining the role of Houston-based Halliburton Co., the giant energy services company that was responsible for cementing the deepwater drill hole, as well as the possible failure of equipment leased to British Petroleum. Two members of Congress, Reps. Henry A. Waxman (D-Beverly Hills) and Bart Stupak (D-Mich.), called on Halliburton on Friday to provide all documents relating to "the possibility or risk of an explosion or blowout at the Deepwater Horizon rig and the status, adequacy, quality, monitoring, and inspection of the cementing work" by May 7.
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.
Shares of Boots & Coots (AMEX:WEL) are trading up 1% to $2.96 today on above average volume. Approximately 1.4 million shares have traded hands today vs. average 30-day volume of 598,000 shares.
Spikes in volume can validate a breakout or signify a potential turning point. As such, SmarTrend will continue to monitor shares of WEL to see if this bullish momentum will continue.
SmarTrend is bullish on shares of Boots & Coots and our subscribers were alerted to buy on January 04, 2010 at $1.66. The stock has risen 78.3% since the alert was issued.