HOUSTON—(ENEWSPF)—September 2, 2014 – Halliburton (NYSE: HAL) today announced that it has reached an agreement to settle a substantial majority of the plaintiffs’ class claims asserted against the company as a result of the April 20, 2010 Macondo well incident in the Gulf of Mexico. The approximately $1.1 billion settlement, which includes legal fees, is subject to approval by the United States District Court for the Eastern District of Louisiana, and will be paid into a trust until all appeals have been resolved in three installments over the next two years. The company’s previously accrued loss contingency provision relating to the multi-district litigation proceedings is currently $1.3 billion.
