"Top Kill" Success Reports May Be Premature
The reports that BP (NYSE: BP) "Top Kill" worked may be premature. The LA Times was citing U.S. Coast Guard Adm. Thad Allen, who is the government's top commander at the scene. BP said it can not confirm the reports.
Allen said the procedure pumped enough drilling fluid to block all oil and gas from the well. He said he pressure from the well is very low, but persists.
Once the pressure is zero they will pump cement into the hole to entomb the well.
While it is clear that this "top kill" process is proceeding at the best case scenario, it is not over yet.
Shares of BP are off the highs, but still up 6%. Transocean Ltd. (NYSE: RIG) is up 4.6%, Halliburton Company (NYSE: HAL) is up 5%, Anadarko Petroleum (NYSE: APC) is up 6.6%.
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