This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

'End to All Oil Spills' Technology Unveiled

NEW YORK ( TheStreet) -- Exxon Mobil (XOM - Get Report) and its big oil peers unveiled their so-called "end to all oil spills" containment technology on Thursday.

The Marine Well Containment Company was created by Exxon and other integrated oil majors during the BP (BP - Get Report) oil spill crisis as a way to ensure politicians and the U.S. public that the industry would be prepared in the event of another oil spill.

On Thursday, the culmination of the first phase of big oil's oil spill project -- for which companies including ExxonMobil have invested $1 billion -- had its photo op: the Marine Well Containment Interim Containment System.

The new Marine Well Containment system unveiled by Exxon Mobil on Feb. 17.

Oil companies are anxious to get back to work in the Gulf of Mexico, but the new permitting process for deepwater drilling has included the expected bureaucratic wrinkles and delays.

The list of Exxon's partners in the containment technology include Chevron (CVX - Get Report), Royal Dutch Shell (RDS.A - Get Report) and ConocoPhillips (COP - Get Report). BP has joined the original group of companies in the consortium and has donated technology used during its oil spill containment effort.

BP failed in successive attempts with its technology to cap the runaway Macondo well before finally taking control of the oil spill in July.

The heads of all of the U.S. integrated oil majors were, of course, called before Congress to testify during the BP oil spill and were lambasted for oil spill containment procedures that, company by company, matched up exactly in providing out-of-date data and even erroneous statements -- such as the reference to walruses existing in the Gulf of Mexico, while Gulf walruses have actually been extinct for millions of years.

The heads of the U.S. integrated oil majors also used their congressional testimony during the oil spill to point the finger at BP and argue that the industry wasn't the problem, just one British oil company that used procedures outside the industry "norm."

Meanwhile, on Thursday, BP sent a letter to the federal government arguing that recovery in the Gulf of Mexico -- from fishing to tourism -- is occurring much more quickly that the government allows, and that current future damage calculations being made by the government as part of the Gulf Coast Claims Fund process are overstating the potential oil spill impact and economic damages. The public relations offensive marches on.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BP $39.11 -1.83%
COP $62.26 -2.72%
CVX $104.98 -1.80%
RDS.A $59.65 -2.10%
XOM $85.00 -0.74%


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs