Deepwater Spill Stocks Gain After Fed Report

By Houston Business Journal

Shares of the four key companies linked to the Deepwater Horizon Gulf rig disaster all saw gains on Tuesday in the wake of the release of the federal government panelâ¿¿s full report on the incident.

As expected, the report cast a wide net when doling out the blame for the rig explosion.

â¿¢ Cameron International Corp., which made the blowout preventer used on the Macondo well, saw its shares make the biggest gain for the day. Houston-based Cameron (NYSE: CAM) shares gained nearly 6 percent, or $2.89, to close at $51.57.

â¿¢ Shares of London oil giant BP Plc (NYSE: BP), operator of the well and Deepwater Horizon drill rig, gained just under 2 percent, or 80 cents, to close at $46.83.

â¿¢ Halliburton Co. (NYSE: HAL), which performed cement work on the well, saw its shares gain 3 percent, or $1.21, to finish Tuesdayâ¿¿s session at $39.38.

â¿¢ Transocean Ltd. (NYSE: RIG), which owned the Deepwater Horizon rig, also saw about a 3 percent gain. Transocean shares added $2.40 to close at $76.18.

Energy stocks were also propped up by a surge in oil prices back above the key $90 plateau. Benchmark prices for February finished up nearly $2 to $91.11, while gasoline pump prices continued to rise and averaging more than $3 a gallon nationwide.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/01/11/deepwater-spill-stocks-gain-after-fed.html?ana=thestreet

Copyright bizjournals.com 2010

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