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Halliburton
Halliburton Company is an American multinational corporation and the world's second-largest oil service company, responsible for most of the world's fracking operations. The company, incorporated in the United States, has dual headquarters located in Houston and in Dubai.
Halliburton's major business segment is the Energy Services Group (ESG).
KBR, one of Halliburton's former subsidiaries at the time, paid bribes to high-ranking Nigerian officials between 1994 and 2004. Under a deal reached with the U.S. Justice Department, Halliburton agreed to pay $382 million to settle the bribery case. In 2007, Halliburton sold the division and severed its corporate relationship with KBR.
The company has been criticized for its involvement in numerous controversies, including its involvement with Dick Cheney – as U.S. Secretary of Defense, then CEO of the company, then vice president of the United States – and the Iraq War, and the Deepwater Horizon, for which it agreed to settle outstanding legal claims against it by paying litigants $1.1 billion. In 2015, Halliburton was found guilty in court for illegal retaliation against a whistleblower who filed a report with the SEC over concerns that the company was illegally concealing billions of dollars. The company has also been criticized for refusing to comply with United States Environmental Protection Agency requests for transparency around chemicals it uses in hydraulic fracturing. Halliburton also took more than $4.0 billion in losses due to asbestos-related litigation in the early 2000s.
Jeff Miller was promoted to President of Halliburton on August 1, 2014, and CEO on June 1, 2017, replacing Dave Lesar.
The company has multiple headquarters located in Houston and in Dubai, but it remains incorporated in the United States of America.
Energy services (the company's historical cornerstone), formation evaluation, digital and consulting services, production volume optimization, and fluid systems are the major business segments.
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 within 1988). 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. While Halliburton's revenues have increased because of its contracts in the Middle East, the overall impact on its bottom line has been mixed.
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Halliburton
Halliburton Company is an American multinational corporation and the world's second-largest oil service company, responsible for most of the world's fracking operations. The company, incorporated in the United States, has dual headquarters located in Houston and in Dubai.
Halliburton's major business segment is the Energy Services Group (ESG).
KBR, one of Halliburton's former subsidiaries at the time, paid bribes to high-ranking Nigerian officials between 1994 and 2004. Under a deal reached with the U.S. Justice Department, Halliburton agreed to pay $382 million to settle the bribery case. In 2007, Halliburton sold the division and severed its corporate relationship with KBR.
The company has been criticized for its involvement in numerous controversies, including its involvement with Dick Cheney – as U.S. Secretary of Defense, then CEO of the company, then vice president of the United States – and the Iraq War, and the Deepwater Horizon, for which it agreed to settle outstanding legal claims against it by paying litigants $1.1 billion. In 2015, Halliburton was found guilty in court for illegal retaliation against a whistleblower who filed a report with the SEC over concerns that the company was illegally concealing billions of dollars. The company has also been criticized for refusing to comply with United States Environmental Protection Agency requests for transparency around chemicals it uses in hydraulic fracturing. Halliburton also took more than $4.0 billion in losses due to asbestos-related litigation in the early 2000s.
Jeff Miller was promoted to President of Halliburton on August 1, 2014, and CEO on June 1, 2017, replacing Dave Lesar.
The company has multiple headquarters located in Houston and in Dubai, but it remains incorporated in the United States of America.
Energy services (the company's historical cornerstone), formation evaluation, digital and consulting services, production volume optimization, and fluid systems are the major business segments.
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 within 1988). 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. While Halliburton's revenues have increased because of its contracts in the Middle East, the overall impact on its bottom line has been mixed.