A presidential panel report on the likely causes of the April BP
According to the report, a synopsis of a lengthier version due out next week, BP and two of its major contractors, Transocean and Halliburton
While the commission chastens BP for excessive changes in the well design, it also finds fault with Halliburton's failure to properly test the cement used in the well, and takes Transocean to task for failing to educate its crew on the lessons that might have been learned from a similar incident aboard another of its rigs in the North Sea.
But as your friendly analyst -- and one with some time spent in the offshore drilling industry -- it seems to me that, while the conclusions reached by the panel might be basically sound, they're nevertheless are compromised by a missing piece of evidence.
The report doesn't mention that the blowout preventer -- which was manufactured by Cameron International
Beyond that, ExxonMobil
In the meantime, there are other pending investigations, including one by the Justice Department and another being conducted jointly by the Coast Guard and the Bureau of Energy Management. As such, it appears the most that can be concluded by the initial commission report is that it likely spreads the blame for the accident, reducing the possibility that BP will be found guilty of gross negligence.
That's likely a good thing for any Fools considering dipping into some BP shares.
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Fool contributor David Lee Smith doesn't own shares in any of the companies named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.