Select content modules
Halliburton Energy Services (nyse: HAL) is a US-based multinational corporation with operations in more than 70 countries. It has been at the forefront of several media and political controversies in relation to its previous work for the U.S. Government, its political ties, and its corporate ethics.
Welcome to CWAnswers
CWAnswers is your guide to the sprawling world wide web. The directory aims to provide a useful guide made by users. You can share your knowledge as well - simply sign up and edit your first entry. For questions just contact the team at support - at - cwanswers.com.
Weblinks for Halliburton
Top 10 for Halliburton
Things about Halliburton you find nowhere else.
Wikipedia About Halliburton
Halliburton Energy Services (nyse: HAL) is a US-based multinational corporation with operations in more than 70 countries. It has been at the forefront of several media and political controversies in relation to its previous work for the U.S. Government, its political ties, and its corporate ethics.
It is based in Houston, Texas, in the United States, but recently established another headquarters in Dubai U.A.E. U.S. office locations are also in Anchorage, Alaska; Bakersfield, California; Denver, Colorado; Lafayette, Louisiana; and Oklahoma City, Oklahoma. Halliburton opened a second headquarters in Dubai, in the United Arab Emirates, in March 2007, where Chairman and CEO David J. Lesar will work and reside, "to Focus 1 Company's Eastern Hemisphere Growth." Corporate offices will remain in Houston and the company will remain incorporated in the United States. The company will consider Houston and Dubai as dual headquarters.
Halliburton's major business segment is the Energy Services Group (ESG). ESG provides technical products and services for oil and gas exploration and production.
Halliburton's former subsidiary, KBR, is a major construction company of refineries, oil fields, pipelines, and chemical plants. Halliburton announced on April 5, 2007 that it had finally broken ties with KBR, which had been its contracting, engineering and construction unit as a part of the company for 44 years.
Business overview
Energy Services, the company's historical cornerstone, includes drilling & formation evaluation, digital & consulting solutions, production volume optimization, and fluid systems. This business continues to be profitable, and the company is one of the world's largest players in this industry; Schlumberger is its closest competitor followed by Weatherford International, Tesco Corporation and Baker Hughes.
With the acquisition of Dresser Industries in 1998, the Kellogg-Brown & Root division (in 2002 renamed to KBR) was formed by merging Halliburton's Brown & Root (acquired 1962) subsidiary and the M.W. Kellogg division of Dresser (which Dresser had merged with in 1988). KBR is a major international construction company, which is a highly volatile undertaking subject to wild fluctuations in revenue and profit. Asbestos-related litigation from the Kellogg acquisition caused the company to book more than US$4.0 billion in losses from 2002 through 2004.
As a result of the asbestos-related costs and staggering losses on the Barracuda Caratinga FPSO construction project based in Rio de Janeiro, Brazil, Halliburton lost approximately $900 million U.S. a year from 2002 through 2004. A final non-appealable settlement in the asbestos case was reached in January 2005 which allowed Halliburton subsidiary KBR to exit Chapter 11 bankruptcy and returned the company to quarterly profitability. So, while Halliburton's revenues have increased because of its contracts in the Middle East, its bottom line continues to suffer.
