Halliburton HAL

BP Says "Multiple Companies" Responsible for Gulf Oil Disaster

A report by BP (BP) says that "multiple companies and work teams" are responsible for the Gulf oil disaster that killed 11 workers and spewed out millions of gallons of oil into the ocean. "It is evident that a series of complex events, rather than a single mistake or failure, led to the tragedy," outgoing CEO Tony Hayward said in a statement. "Multiple parties, including BP, Halliburton and Transocean, were involved."

BP Investigation Says Engineers Misread Deepwater Horizon Data

BP%u2019s (BP) investigation into the Deepwater Horizon rig oil disaster accepts that the company is at least partly responsible for the disaster, with employees misinterpreting data that suggested a blowout was imminent, Bloomberg News said. BP managers on the rig misinterpreted a test of Macondo well%u2019s stability, Bloomberg News said. Workers then began replacing drilling fluid in the well with seawater, which led to natural gas shooting up the pipe to the rig, where it exploded.