UPDATE 1-Halliburton indemnified from Gulf spill costs-CEO

* Company says did job according to BP’s plan

* Halliburton shares down 2 percent

HOUSTON, May 19 (BestGrowthStock) – Halliburton Co (HAL.N: ) does not
expect to incur any damages related to its work on the Macondo
well blowout in the Gulf of Mexico, the company’s CEO said on
Wednesday.

“We believe we are fully indemnified,” Chief Executive Dave
Lesar told shareholders at the annual meeting.

Halliburton performed cementing work on the well, which
ruptured on April 20. The blowout caused the Deepwater Horizon
rig to explode and eventually sink. The accident caused the
deaths of 11 workers and a massive oil slick that is still
growing as the well continues to gush crude.

Oil company BP Plc (BP.L: ) was the operator of the well,
with a 65 percent working interest. BP contracted the rig from
Transocean Ltd (RIGN.S: ) (RIG.N: ).

Halliburton’s work was done “in accordance with the plan
that our customer put in front of us,” Lesar said.

BP, as the project’s operator, would have had to sign off
on contractors’ work plans, analysts have said.

The companies, facing numerous lawsuits and intense
pressure from the U.S. government, have been trading blame for
the cause of the accident.

Shares of Halliburton were down 2 percent to $27.09 in
midday trade on the New York Stock Exchange. The decline was in
line with a 2 percent drop in the Philadelphia Stock Exchange
index of oilfield service companies (.OSX: ).

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(Reporting by Anna Driver, editing by Gerald E. McCormick and
John Wallace)

UPDATE 1-Halliburton indemnified from Gulf spill costs-CEO