Halliburton Rises 17% on Asbestos Coverage
Halliburton Co. shares rose 17%, paring Friday’s decline, after the oil services company said it has “substantial” insurance to cover additional litigation on asbestos claims.
Shares of Dallas-based Halliburton rose $2 to close at $14 on the NYSE.
Halliburton’s shares tumbled 42% on Friday after a $30-million verdict.
That award followed two other judgments totaling $122 million and fueled concern that expenses could mount as they have at other companies, such as Owens Corning, which were pushed into bankruptcy by asbestos claims.
Company officials told analysts that insurance is adequate to meet the threat, including $2billion for claims relating to Harbison-Walker Refractories Co. Halliburton became exposed to Harbison-Walker’s asbestos litigation when it bought Dresser Industries Inc. in 1998.
