Bud's Offshore Energy (BOE)

Giant metal shears successfully sliced and closed pipe full of runaway crude in the early moments of last April’s Deepwater Horizon disaster, but the oil blasted through rubber gaskets around the blades and unleashed the nation’s largest spill, according to sources familiar with an ongoing investigation. Houston Chronicle

That would be consistent with the video evidence recorded on the Q4000, but we still need a lot more information about the timing of the shear ram closure, the position of the ram and drill pipe before and after shearing, maintenance, and other important BOP issues.

Kudos to the Chronicle for their ongoing coverage of Macondo issues.