Cameron, Halliburton Rise After Report of Progress on Oil Spill

Cameron International Corp. (CAM), Halliburton Co. (HAL) and other energy companies linked to the oil spill in the Gulf of Mexico rose in New York trading after a press report in Alabama indicated that BP (BP/) Plc has cut the flow of crude from its leaking well.

Cameron, the Houston-based company that said it provided so-called blowout preventers for the Deepwater Horizon oil rig that caught fire April 20, climbed $1.38, or 3.5 percent, to $40.84 at 3:08 p.m. on the New York Stock Exchange. Halliburton, a service provider on the Deepwater Horizon, rose 3.7 percent to $31.79. Transocean Ltd., the driller that leased the rig to BP, gained as much as 4 percent before retreating.

The Mobile Press-Register in Alabama quoted Jeff Childs, a deputy commander on the spill-response effort for London-based BP, as saying the company “significantly cut the flow through the pipe.” Scott Dean, a BP spokesman, said today that there had been no change in flow since a press conference yesterday.

BP closed down 1.5 percent at 575.5 pence in London after dropping as much as 4.2 percent earlier today.

Oil is leaking into the Gulf from the BP well that the Deepwater Horizon was drilling at the time of the blast, which killed 11 workers.

Gulf Coast states are preparing as the oil slick drifts near land. The explosion may have been caused by a blowout, an unexpected surge in pressure that ejected petroleum at the top of the well, Transocean said last week.

The Woodlands, Texas-based Anadarko Petroleum Corp. (APC), which has a 25 percent stake in the BP well, rose 2.1 percent to $63.49. BP owns a 65 percent stake.

To contact the reporter on this story: Tony Cox in Houston at acox3@bloomberg.net.

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net.

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