Halliburton . Multinational Oilfield Service C ompany. An American multinational oilfield service company. One of the largest in the world with operations in more than 80 countries. Headquarters are located in Houston and Dubai. The CEO is David Lesar .
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Halliburton Multinational Oilfield Service Company
An American multinational oilfield service company. • One of the largest in the world with operations in more than 80 countries. • Headquarters are located in Houston and Dubai. • The CEO is David Lesar. • Their major business segment is the Energy Services Group (ESG). Background
Public Company • Revenue: $24.8 billion (2011) • Operating Income: $4.7 billion (2011) • Net Income: $3.0 billion (2011) • Total Assets: $29.223 billion (2013) • Total Equity: $7.725 billion (2008) • Employees: 68,000 (2012) Financial Background
Erle Halliburton started the New Method Oil Well Cementing Company in 1919. • In 1921, they patented the, “Halliburton method and means of excluding water from oil wells.” • In 1926, they had their first foreign venture in Burma and India. • 1940, they opened offices in Venezuela. History
They first appeared in Europe in 1951, as Halliburton Italiana. This was a wholly owned subsidiary in Italy. • The eventually launched subsidiaries in Germany and England also. • By the end of 1951, they had service centers in Canada, Venezuela, Peru, Colombia, Saudi Arabia, and Indonesia. • Erle Halliburton died in 1957. History
In 1968, they developed an automated mixing system for drilling mud. • In 1975, they helped clean up many oil spills and helped greatly with the Clean Gulf Associates. • In 1995, Dick Cheney replaced Thomas Cruickshank as CEO of the company. • In 1998, they merged with Dresser Industries (which contained a company called KBR) who was led by Prescott Bush who is the father of George H.W. Bush and the grandfather of George W. Bush. History
In 2000, Dick Cheney resigned as CEO to run for vice president alongside George W. Bush. His severance package was worth $36 million. • Close to the start of the Iraq war, Halliburton was awarded a $7 billion contract, in which they were the only company allowed to bid. • Bunny Greenhouse, a civil servant, complained to Army officials that Halliburton was receiving special treatment for work in Iraq, but the FBI found no fault. Controversies in the Middle East
She complained that military auditors had caught Halliburton overcharging the Pentagon for fuel deliveries and that Secretary of Defense Donald Rumsfeld had took control of the $7 billion operation. • She was later demoted for poor performance in her field. Continued.
December 2010, the government of Nigeria filed corruption against Dick Cheney in his connection as CEO of Halliburton. • This was related to a $182 million contract involving a four company joint-venture to build a natural gas plant in southern Nigeria. • In 2009, KBR (former subsidiary) agreed to pay $402 million after admitting to bribing Nigerian officials and Halliburton paid $177 million so they didn’t have to admit any wrong doings. Controversies in Africa
Nigeria agreed to drop the corruption charges in exchange for a $250 million settlement. • $130 of the $250 million would be frozen in a Swiss bank account while the rest would be paid off as fines. • Since 1995, Halliburton has been involved in 10 instances of misconduct and has paid of $791 million in settlements. • Their former subsidiary KBR has over 22 instances. Continued.