Halliburton (pronounced /ˈhælɨbɜrtən/; NYSE: HAL) is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people.
The company has headquarters in the North Belt office in Houston, Texas, and in offices in Dubai, United Arab Emirates (opened March 2007), where Chairman and CEO David J. Lesar works and resides, "to focus [the] company’s Eastern Hemisphere Growth." The company will remain incorporated in the United States.
Halliburton's major business segment is the Energy Services Group (ESG). ESG provides technical products and services for petroleum and natural 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.


Halliburton Company, incorporated in 1924, is an oilfield services company. The Company’s two business segments are the Completion and Production segment and the Drilling and Evaluation segment. The Company provides a range of services and products for the exploration, development, and production of oil and natural gas around the world. It conducts business in approximately 80 countries. The business operations of its divisions are around four primary geographic regions: North America, Latin America, Europe/Africa/CIS, and Middle East/Asia. During the year ended December 31, 2010, based on the location of services provided and products sold, 46% of the revenue was from the United States. It has 170 international and 109 United States field camps, from which it delivers its services and products.
Completion and Production segment
The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, and completion services. The segment consists of production enhancement services, completion tools and services, cementing services, and Boots & Coots. The Company has manufacturing facilities in Arbroath, the United Kingdom; Johor, Malaysia; Monterrey, Mexico, and Sao Jose dos Campos, Brazil.
Drilling and Evaluation segment
The Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation, and precise wellbore placement solutions that enable customers to model, measure, and optimize their well construction activities. The segment consists of fluid services, drilling services, drill bits, wireline and perforating services, testing and subsea, software and asset solutions, and integrated project management and consulting services. It has manufacturing facilities in Alvarado, Texas; Nisku, Canada; Singapore, and The Woodlands, Texas.

Halliburton's strength as a leading industry player was put to the test in the early years of the new century. Cheney resigned in 2000 to join running mate George W. Bush on the Republican ticket in the upcoming presidential election. David Lesar, named chairman and CEO, was left to deal with a barrage of asbestos claims as well as a Securities and Exchange (SEC) investigation.
Halliburton had been involved in asbestos-related litigation for years--since 1976 there had been 474,500 claims against the firm for its use of asbestos in certain products. The company and its subsidiaries--including various divisions of Dresser, Brown & Root, and Harbison-Walker, a refractory company spun off by Dresser in 1992--faced an onslaught of new claims in 2001 and 2002. Workers who had been exposed to asbestos numbered in the thousands. During 2001, a Baltimore jury awarded a group of plaintiffs $30 million, sending company stock to its lowest point in nine years. The following year, Halliburton was given an opportunity to put the litigation to rest. By agreeing to pay approximately $4.2 billion to settle all outstanding claims, Halliburton would be shielded from future asbestos litigation. Investors applauded the planned settlement and the firm's share price climbed from $9 to $21 per share.
However, just as the company appeared to be close to ending its legal woes, it faced yet another obstacle. During 2002, the SEC began an investigation into Halliburton's accounting practices. During 1998, when Cheney was in office, the company changed how it booked revenue related to cost overruns on billion-dollar contracts. Before 1998, the firm did not report revenue from cost overrun claims until that revenue was received. Then, in 1998, the firm began booking estimated payments it planned to receive in the future. For example, in 1998 the company booked $89 million in unpaid claims as pre-tax revenue.
While the change in the way the company booked certain revenue was legal, the firm neglected to report it to shareholders and the SEC for over a year. By making the change, Halliburton was able to meet earnings expectations for 1998--the year of the Dresser merger. Without it, earnings would have fallen short. The SEC began its investigation in May, forcing Halliburton to hand over nearly 200,000 accounting documents to prove that it had not inflated cost overrun claims.
At the same time, the faltering economy, falling oil prices, and a slowdown in North American gas production was wreaking havoc on Halliburton's bottom line. During 2002, the company reported an estimated loss of $984 million, compared to a net profit of $809 million secured in 2001. In response to difficult market conditions, Lesar launched a cost cutting effort and began selling off non-core assets. The company also realigned its businesses into two major groups--Halliburton Energy Services Group and KBR, the engineering and construction group--with hopes of eventually creating two independently run operating subsidiaries.
Lesar and his management teamed remained optimistic about Halliburton's future despite the challenges it faced related to the economic downturn. With an asbestos settlement on the horizon and rumors its SEC investigation would not lead to any legal action, Halliburton appeared to have made it through the worst.
Principal Operating Units: Energy Services Group; KBR Engineering & Construction.
Principal Competitors: Baker Hughes Inc.; Bechtel Group, Inc.; Schlumberger Ltd.


OVERALL
Beta: 1.42
Market Cap (Mil.): $42,703.66
Shares Outstanding (Mil.): 915.01
Annual Dividend: 0.36
Yield (%): 0.77
FINANCIALS
HAL.N Industry Sector
P/E (TTM): 20.35 30.11 11.71
EPS (TTM): 110.34 -- --
ROI: 14.08 7.25 3.30
ROE: 21.11 8.28 4.46

Statistics:
Public Company
Incorporated: 1924 as Halliburton Oil Well Cementing Company
Employees: 83,000
Sales: $12.49 billion (2002)
Stock Exchanges: New York
Ticker Symbol: HAL
NAIC: 213112 Support Activities for Oil and Gas Operations; 333132 Oil and Gas Field Machinery and Equipment Manufacturing; 541330 Engineering Services


Key Dates:
1920: Erle Halliburton organizes the Halliburton Oil Well Cementing Company.
1924: The company incorporates in order to expand.
1940: Perkins Cementing Company is acquired; a South American subsidiary is established.
1948: Halliburton goes public.
1962: Brown & Root Inc. becomes a company subsidiary.
1995: Dick Cheney is named chairman, CEO, and president.
1998: Halliburton merges with Dresser Industries Inc.
2002: The SEC investigates Halliburton's accounting practices; the company announces a $4 billion settlement related to asbestos claims.

Name Age Since Current Position
Lesar, David 57 2000 Chairman of the Board, President, Chief Executive Officer
McCollum, Mark 51 2008 Chief Financial Officer, Executive Vice President
Probert, Timothy 59 2011 President - Strategy and Corporate Development
Brown, James 56 2008 President, Western Hemisphere
Rainey, Joe 54 2011 President, Eastern Hemisphere
Cornelison, Albert 61 2002 Executive Vice President, General Counsel
Pope, Lawrence 42 2008 Chief Human Resources Officer, Executive Vice President - Administration
Angelle, Evelyn 43 2011 Chief Accounting Officer, Senior Vice President
Nunez, Craig 49 2007 Senior Vice President, Treasurer
Andolino, Joseph 57 2011 Senior Vice President - Tax
Martin, J. Landis 65 Lead Independent Director
Hackett, James 57 2008 Director
Reed, Debra 54 2001 Independent Director
Gillis, S. Malcolm 70 2005 Independent Director
Carroll, Milton 60 2006 Independent Director
Bennett, Alan 60 2006 Independent Director
Boyd, James 64 2006 Independent Director
Dicciani, Nance 63 2009 Independent Director
Malone, Robert 59 2009 Independent Director
Jum'ah, Abdallah 69 2010 Independent Director

Address:
3600 Lincoln Plaza
500 North Akard Street
Dallas, Texas 75201-3391
U.S.A.
1948: Halliburton goes public.
1962: Brown & Root Inc. becomes a company subsidiary.
1995: Dick Cheney is named chairman, CEO, and president.
1998: Halliburton merges with Dresser Industries Inc.
2002: The SEC investigates Halliburton's accounting practices; the company announces a $4 billion settlement related to asbestos claims.
 
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