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NYC 9/11 Public Portal Document

f; Companies I' Hazardous Waste i! ' ASBESTOS CLAIMS EPA MOVES HUDSON PCB CLEANUP HIT HALLIBURTON FORWARD WITH RECORD OF DECISION HALUBURTON LOST UP TO $3.8 BILLION in stock value Dec. 7 on news that a Bal­ timore jury awarded $30 million in asbestos damages against its subsidiary, Dresser Industries. The Dallas-based oil services giant recovered about $1 billion of the loss over the next trading days, but financial analysts do not expect it to regain much more. “The market will take a wait-and-see approach unless Halliburton demon­ strates great success in defending itself against these claims,” says Joe Aguiar, oil services analyst for New Orleans-based Johnson Rice. The conglomerate’s shares fell more than 40%, to $12 from $20.85. That climbed back to $14.35 Dec. 10 after Halliburton executives con­ vinced analysts that the market’s re­ sponse to the news was a “huge overre­ action.” The Baltimore award was the most recent of a string of judgments in recent months gainst Dresser. Juries in Texas have awarded $100 million against the company, and juries in Mississippi have awarded $21 inillion. A- Halliburton Chairman and CEO David Lesar says the company will appeal each REMEDIATE Manufacturing site Is source of Hudson River PCB contamination. decision it has lost “We are confident we will prevail,” he says. Lesar adds that the CLEANUP OF 35 YEARS OF POLYCHLOR- material out of state. 194,000 claims resolved so far have been inated biphenyl contamination in New One aspect of construction also in­ settled for an average of$800. According York’s Hudson River moved closer to eluded in the ROD could happen sooner. to Lesar, the company has $2 billion in reality Dec. 4 when the U.S. Environ- Fairfield, Conn.-based General Electric insurance to cover outstanding claims mental Protection Agency released its Corp., which dischaiged the PCBs into and does not expect firm liability to go record of decision to a state agency for a the Hudson from the 1940s to 1970s, has beyond that. Halliburton also has a three-week internal review. A final feder- submitted plans to the state for a source strong balance sheet and is profitable, al decision on the remediation plan control program at Hudson Falls, N.Y he says, adding that it has been awarded could be issued in January—which will The firm has opposed the EPA dredging two new liquid natural gas projects and then start a three-year design phase for mandate. The GE plan would involve a expects to announce a third this week. the estimated $460-million project. series of tunnels that would capture an Halliburton’s shares have been selling Still at issue are performance stan- estimated 3 oz. of PCBs leaching daily at a discount for some time, says Aguiar. dards governing resuspension rates for from bedrock. “It’s a $20-million pro- The valuation is between $6 billion and the PCBs and dredging production rates, gram and we will seek proposals upon $7 billion. “It would be more like $16 bil­ Air quality and noise standards have approval,” says GE spokesman Mark L. lion or $17 billion without asbestos lia­ already been set in accordance with state Behan. bility,” he says. But the liability is not and federal laws. EPA estimates that de- The ROD follows EPA Administrator nearly the amount of the difference, says velopment of the project’s design and Christine Todd Whitman’s sunrise deci­ Aguiar, who claims that much of the fear performance standards, which are to be sion last August to proceed with cleanup in the marketplace comes from the finan­ worked on concurrently, could take up of a 40-mile stretch of the river below cial difficulties caused by asbestos claims to 36 months to finalize. Hudson Falls and Fort Edward. Contrac- on other smaller companies. “But Hal­ “There will be scientific peer review tors will have to remove an estimated 2.65 liburton has the strength to withstand and public input for the standards, which million cu yd of spoils to clean about this,” he says. could take a year,” says Mary Mears, an 150,000 lb of contaminants from the riv- Other company stock values were also EPA spokesperson in its New York City- er bottom. The bottom will then be back- shaken by the judgment against Hal­ based region. “The type of dredging and filled and spoils disposed of at the remote liburton. ABB’s shares were down more the locations of dewatering facilities and site. The lower 200 miles of the river was than 10%. The Swiss firm’s liability stems the final disposal site will be determined declared a Superfund site in 1984 be- from its now-defunct U.S. unit Combus- £ □ during the design phase.” EPA has com­ cause of PCB contamination. □ tion Engineering. I mitted to transporting contaminated By WilliamJ. Angelo By Mary Buckner Powers

14 ENR/December 17, 2001

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