Halliburton Pays $1B for Gulf Oil Spill

Halliburton has agreed to pay $1.1 billion to settle the majority of its lawsuits related to the April 2010 Gulf of Mexico oil spill, the largest offshore spill in U.S. history. Both BP and spill victims alleged that Halliburton was responsible for defective cement work on the Macondo well, which contributed to the severe extent of damage caused by the oil spill. The explosion on the Deepwater Horizon drilling rig killed 11 workers and caused millions of barrels of oil to spill. The billion-dollar settlement is subject to court approval and doesn’t include legal fees, but it is a relatively small price to pay for resolving concerns about Halliburton’s liability in the spill.