Monday, October 18, 2010

Who Had the Most to Gain From the BP Oil Spill?

Halliburton's stock reached a 2-year high last week and third quarter net income rose to $544 million from $262 million a year earlier. Their North American profits were bolstered by an increase in on-shore oil drilling. Halliberton is one of the largest providers of pressure pumping in North America, a technique used in on-shore drilling. Since the April 20 explosion and ensuing leak in a off-shore BP oil well in the gulf of Mexico, companies have been seeking alternatives to off-shore drilling. Coincidentally enough, Halliburton happened to provide cementing services on the well that BP was drilling, which later exploded to become one of the worst ecological disasters of all time. Rule of thumb: whenever something bad happens, it won't be long before Halliburton's profits rise. So as soon as the bombs start going off put in a buy order for their stock, particularly if you are a woman and have hopes of retirement.

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