Halliburton

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For other uses, see Haliburton (disambiguation).
Halliburton
Type
Traded as
Industry
Founded
Founder
Headquarters
Area served
Key people

Public
NYSE: HAL
S&P 500 Component
Oilfield services & equipment[1]
1919, Duncan, Oklahoma,
USA[2]
Erle P. Halliburton
Houston, Texas, USA, (Main
Headquarters)
Dubai, UAE
Worldwide
David Lesar
(Chairman and CEO) and Jeff
Miller
(President)

Products
Revenue
Operating income
Net income
Total assets
Total equity
Number of
employees
Website

Products and services to the

energy industry[3]
US$ 32.87 billion (2014)[4]
US$ 5.10 billion (2014)[4]
US$ 3.50 billion (2014)[4]
US$ 32.24 billion (2014)[4]
US$ 16.27 billion (2014)[4]
80,000 [5]
Halliburton.com

Halliburton Company /hlbrtn/ is an American multinational corporation, and one

of the world's largest[6] oil field services companies with operations in more than 80
countries. It owns hundreds of subsidiaries, affiliates, branches, brands, and divisions
worldwide and employs approximately 100,000 people.[5]
The company has dual headquarters located in Houston and in Dubai, where Chairman
and CEO David Lesar works and resides, "to focus [the] companys Eastern Hemisphere
Growth."[7] The company remains incorporated in the United States.[8][9][10]

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 sold the division and severed its corporate relationship with KBR,
which had been its contracting, engineering and construction unit as a part of the
company.[11]
The company has been involved in numerous controversies, including the Deepwater
Horizon explosion, for which it agreed to settle outstanding legal claims against it by
paying litigants $1.1 billion.
As of August 1, 2014 Jeff Miller was promoted to President of Halliburton reporting
directly to Dave Lesar.
On November 17, 2014 Halliburton and Baker Hughes jointly announced a definitive
agreement under which Halliburton will, subject to the conditions set forth in the
agreement, acquire Baker Hughes in a stock and cash transaction valued at $34.6
billion. A press release made available on the former's website, as at December 11, 2014
detailed the restructuring in the integration to follow. Research professors from Rice
University provide a perspective on this merger in a thought piece published in the
Jones Journal.[12]

Contents

1 Business overview
o 1.1 Locations
o 1.2 Divisions

2 History
o 2.1 Early history (as HOWCO)
o 2.2 As Halliburton
o 2.3 1990s
o 2.4 2000s

3 Controversies
o 3.1 Environmental issues
o 3.2 Jamie Leigh Jones incident
o 3.3 Sale of KBR

o 3.4 Baghdad incident

o 3.5 Deepwater Horizon Explosion
o 3.6 Restatements

4 Subsidiaries

5 Corporate affairs
o 5.1 Headquarters

6 See also

7 References

8 Further reading

9 External links

Business overview

Halliburton annual revenue

Locations
U.S. regional office locations are Anchorage, Alaska; Bakersfield, California; Denver,
Colorado; New Iberia, Louisiana; Houma, Louisiana; New Orleans, Louisiana;
Shreveport, Louisiana; Lafayette, Louisiana; Oklahoma City, Oklahoma; Homer City,
Pennsylvania; Farmington, New Mexico; Hobbs, New Mexico; Naples, Utah;
Carrollton, Texas; Alvarado, Texas; Fort Worth, Texas; Odessa, Texas.
Major international offices are in Canada, Mexico, Venezuela, Colombia, Argentina,
Panama, Bolivia, Brazil, Ecuador, Algeria, Angola, Egypt, Gabon, Nigeria, Cameroon,
Republic of Congo, Libya, Austria, New Zealand, Germany, Italy, Netherlands,
Norway, United Kingdom, France, Spain, Australia, Russia, China, India, Iran,
Thailand, Malaysia, Indonesia, Vietnam, Japan, Singapore, Pakistan, U.A.E., Oman,
Yemen, Saudi Arabia and Iraq.

Worldwide technology centers are in Duncan, Oklahoma; Carrollton, Texas; Houston,

Texas; Stavanger, Norway; Pune, India; and Singapore.

Divisions
Energy services (the company's historical cornerstone), formation evaluation, digital
and consulting solutions, production volume optimization, and fluid systems are the
major business segments. These businesses continue to be profitable, and the company
is one of the world's largest players in these service industries; it is second after
Schlumberger, and is followed by Weatherford International, and Baker Hughes.[13]
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 that
works in an industry that tends to have an element of volatility and is subject to
significant fluctuations in revenue and profit. Asbestos-related litigation from 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 nonappealable 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.[14]
At a meeting for investors and analysts in August 2004, a plan was outlined to divest the
KBR division through a possible sale, spin-off or initial public offering. Analysts at
Deutsche Bank valued KBR at up to $2.15 billion, while others believed it could be
worth closer to $3 billion by 2005. KBR became a separately listed company on April 5,
2007.[11]

History
Early history (as HOWCO)
In 1919, Erle P. Halliburton started the New Method Oil Well Cementing Company.[5]

Halliburton Research Center in Duncan, Oklahoma, the city which was the original
headquarters of Halliburton Company.

Halliburton (Oak Park) offices in Westchase and in Chinatown in Houston

In 1920, he brought a wild gas well under control, using cement, for W.G. Skelly, near
Wilson, Oklahoma.[15] On March 1, 1921, the Halliburton "method and means of
excluding water from oil wells" was assigned a patent from the U.S. Patent Office.
Halliburton invented the revolutionary cement jet mixer, to eliminate hand-mixing of
cement, and the measuring line, a tool used to guarantee cementing accuracy.[15] By
1922, the Halliburton Oil Well Cementing Company (HOWCO) was prospering from
the Mexia, Texas oil boom, having cemented its 500th well in late summer.[16]
In 1924, the company was incorporated in Delaware, with 56 people on its payroll. The
stock of the corporation was owned by Erle and Vida Halliburton and by seven major
oil companies: Magnolia, Texas, Gulf, Humble, Sun, Pure and Atlantic.[17]
In 1926, its first foreign venture began with sale of equipment to Burma and India.[18]
Throughout the 1930s and 1940s, Halliburton continued cementing across America.[16]
[19]
In 1938, Halliburton cemented its first offshore well using a truck on a barge off the
Louisiana coast.[18] In 1940, Halliburton opened offices in Venezuela and introduced
bulk handling of cementing to the industry.[17] In 1947, the Halliburton first marine
cementing vessel went into service.[15]
In 1951, Halliburton first appeared in Europe as Halliburton Italiana SpA, a wholly
owned subsidiary in Italy. Over the next seven years, Halliburton launched Halliburton
Company Germany GmbH, set up operations in Argentina and established a subsidiary
in England. By 1951, HOWCO had service centers operating in Canada, Venezuela,
Peru, Colombia, Saudi Arabia and Indonesia.[16] Halliburton revenues topped
$100 million for the first time in 1952.[16]
Erle P. Halliburton died in Los Angeles in 1957. HOWCO is at this time worth
$190 million with camps all over the world. The same year, HOWCO purchased Welex,
which pioneered jet perforation.[16] Otis Engineering, an oil field service and equipment
company specializing in manufacturing pressure control equipment for oil and gas
producing wells, was acquired in 1959.[16]

As Halliburton
On July 5, 1961, the company changed its name to the Halliburton Company. In 1963,
Halliburton was the first company in Oklahoma to receive the Presidential E for
Export flag in recognition of notable contributions to foreign trade.[16]

Halliburton opened a 500,000 sq ft (46,000 m2) manufacturing center in Duncan,

Oklahoma, in 1964.[16] The company began to experiment with new technologies to help
their services for example, beginning in 1965 a pilot operation of a computer network
system the first such installation in the oilfield services industry.[16] In 1966, workers
broke ground for a new wing at the Research Center in Duncan that tripled the available
space for the Chemical Research and Design Department.[16]
In 1968, an automated mixing system for drilling mud was developed by Halliburton,
primarily for use offshore.[16] Gearhart Industries (acquired by Halliburton Energy
Services in 1989) introduced the first digital computer logging system in 1974.[16]
In 1969, Halliburton began construction of a base camp at Prudhoe Bay on Alaska's
North Slope.[16]
In 1975, it responded to environmental concerns by working with the nonprofit Clean
Gulf Associates to contain and clean up oil spills.[16] In 1976, Halliburton established the
Halliburton Energy Institute in Duncan, Oklahoma, to provide an industry forum for
disseminating technical information.[16]

Lincoln Plaza in Downtown Dallas, which at one time housed the Halliburton
headquarters
In 1980, Halliburton Research Center opened in Duncan, Oklahoma.[16] The company's
billionth sack of cement for customers was pumped in 1983.[16] In 1989, Halliburton
acquired logging and perforating specialist company Gearhart Industries and combined
it with its subsidiary Welex to form Halliburton Logging Services.
Throughout the 1980s, Halliburton's subsidiaries continued their projects around the
world (under management of former CEO Brian Darcy) even in countries once
considered enemies. Equipment was provided for the first multiwell platform offshore
China, and an Otis Engineering team controlled a gigantic Tengiz field blowout in the
Soviet Union.[16]

1990s

Following the end of Operation Desert Storm in February 1991, the Pentagon, led by
then defense secretary Dick Cheney, paid Halliburton subsidiary Brown & Root
Services over $8.5 million to study the use of private military forces with American
soldiers in combat zones.[20] Halliburton crews also helped bring 725 burning oil wells
under control in Kuwait.[21]
In 1995, Cheney replaced Thomas H. Cruikshank, as chairman and CEO. Cruikshank
had served since 1989.[22]
In the early 1990s, Halliburton was found to be in violation of federal trade barriers in
Iraq and Libya, having sold these countries dual-use oil drilling equipment and, through
its former subsidiary, Halliburton Logging Services, sending six pulse neutron
generators to Libya. After having pleaded guilty, the company was fined $1.2 million,
with another $2.61 million in penalties.[23]
During the Balkans conflict in the 1990s, Kellogg Brown-Root (KBR) supported U.S.
peacekeeping forces in Bosnia and Herzegovina, Croatia and Hungary with food,
laundry, transportation, and other life-cycle management services.[24]
In 1998, Halliburton merged with Dresser Industries, which included Kellogg. Prescott
Bush was a director of Dresser Industries, which is now part of Halliburton; his son,
former president George H. W. Bush, worked for Dresser Industries in several positions
from 1948 to 1951, before he founded Zapata Corporation.[25]

2000s

5 Houston Center in Downtown Houston, which at one time housed the headquarters of
Halliburton
The Wall Street Journal reported in 2001 that a subsidiary of Halliburton Energy
Services called Halliburton Products and Services Ltd. (HPS) opened an office in
Tehran. The company, HPS, operated on the ninth floor of a new north Tehran tower
block. Although HPS was incorporated in the Cayman Islands in 1975 and is "nonAmerican", it shares both the logo and name of Halliburton Energy Services and,
according to Dow Jones Newswires, offers services from Halliburton units worldwide
through its Tehran office. Such behavior, undertaken while Cheney was CEO of
Halliburton, may have violated the Trading with the Enemy Act. A Halliburton
spokesman, responding to inquiries from Dow Jones, said "This is not breaking any
laws. This is a foreign subsidiary and no U.S. person is involved in this. No U.S. person
is facilitating any transaction. We are not performing directly in that country." Later

David Lesar would book his own flights to the Tehran office through the UK arm of
KBR. No legal action has been taken against the company or its officials.[26]
In April 2002, KBR was awarded a $7 million contract to construct steel holding cells at
Camp X-Ray.[27]
From 1995 to 2002, Halliburton Brown & Root Services Corp was awarded at least
$2.5 billion but is believed to have spent considerably less to construct and run military
bases, some in secret locations, as part of the Army's Logistics Civil Augmentation
Program. This contract was a cost plus 13% contract and BRS employees were trained
on how to pass GAO audits to ensure maximum profits were attained. It was also
grounds for termination in the Balkans if any BRS employee spoke of Dick Cheney's
being CEO[citation needed]. BRS was awarded and re-awarded contracts termed
"noncompetitive", allegedly because BRS was the only company capable of pulling off
the missions.[citation needed] DynCorp actually won the competitively let second contract, but
never received any work orders in the Balkans.[20]
In November 2002, KBR was tasked to plan oil well firefighting in Iraq, and in
February 2003 was issued a contract to conduct the work. Critics contend that it was a
no-bid contract, awarded due to Dick Cheney's position as vice president. Concern was
also expressed that the contract could allow KBR to pump and distribute Iraqi oil.[28]
Others contend, however, that this was not strictly a no-bid contract, and was invoked
under a contract that KBR won "in a competitive bid process."[29] The contract, referred
to as LOGCAP, is a contingency-based contract that is invoked at the convenience of
the Army. Because the contract is essentially a retainer, specific orders are not
competitively bid (as the overall contract was).
In May 2003, Halliburton revealed in SEC filings that its KBR subsidiary had paid a
Nigerian official $2.4 million in bribes in order to receive favorable tax treatment.,[30][31]
United Arab Emirates In October 2004, after emerging from the bankruptcy protection,
[32]
Halliburton opened a new 250,000-square-foot (23,000 m2) facility on 35 acres
(140,000 m2), replacing an older facility that opened in 1948, in Rock Springs,
Wyoming. With over approximately 500 employees, Halliburton is one of the largest
private employers in Sweetwater County.[33]
On January 24, 2006, Halliburton's subsidiary KBR (formerly Kellogg, Brown and
Root) announced that it had been awarded a $385 million contingency contract by the
Department of Homeland Security to build "temporary detention and processing
facilities" or internment camps. According to Business Wire, this contract will be
executed in cooperation with the U.S. Army Corps of Engineers, Fort Worth District.
Critics point to the Guantanamo Bay detention camp as a possible model. According to
a press release posted on the Halliburton website, "The contract, which is effective
immediately, provides for establishing temporary detention and processing capabilities
to augment existing Immigration and Customs Enforcement (ICE) Detention and
Removal Operations (DRO) Program facilities in the event of an emergency influx of
immigrants into the U.S., or to support the rapid development of new programs. The
contingency support contract provides for planning and, if required, initiation of specific
engineering, construction and logistics support tasks to establish, operate and maintain
one or more expansion facilities."[34]

In February 2008, a hard disk and two computers containing classified information were
stolen from Petrobras while in Halliburton's custody. Allegedly, the content inside the
stolen material was data on the recently discovered Tupi oil field. Initial police inquiries
suggest that it could be a common container theft operation. The container was a
ramshackle in complete disorder indicating that thieves were after "valuables and not
only laptops," said an expert consulted by the daily newspaper Folha de S. Paulo.[35]
In 2008, Halliburton agreed to outsource its mission-critical information technology
infrastructure to a Dallas/Fort Worth Metroplex data center operated by CyrusOne
Networks LLC.[36]
On May 14, 2010, President Barack Obama said in an interview with CNN that "you
had executives of BP and Transocean and Halliburton falling over each other to point
the finger of blame at somebody else" when referring to the congressional hearings held
during the Deepwater Horizon oil spill. "The American people could not have been
impressed with that display, and I certainly wasn't." According to Tim Probert, executive
vice president of Halliburton, Halliburton, as a service provider to the well owner, is
contractually bound to comply with the well owner's instructions.[37]
It was anticipated that Halliburton's $2.5 billion "Restore Iraqi Oil" (RIO) contract[38]
would pay for itself as well as for reconstruction of the entire country. Plans called for
more oil to be exported from Iraq's northern oil fields than actually occurred.
Halliburtons work on the pipeline crossing the Tigris river at Al Fatah has been called a
failure. Critics claim that the oil fields are barely usable and access to international
markets is severely limited. As an example, against the advice of its own experts,
Halliburton attempted to dig a tunnel through a geological fault zone. The underground
terrain was a jumble of boulders, voids, cobblestones, and gravel and not appropriate for
the kind of drilling Halliburton planned. "No driller in his right mind would have gone
ahead," said Army geologist Robert Sanders when the military finally sent people to
inspect the work.[39]
In November 2014, the firm announced it would acquire Baker Hughes for around $35
billion in cash and stock, creating an oilfield services company that aims to compete
with Schlumberger.[40]

Controversies
Halliburton has become the object of several controversies involving the 2003 Iraq War
and the company's ties to former U.S. Vice President Dick Cheney. Cheney retired from
the company during the 2000 U.S. presidential election campaign with a severance
package worth $36 million.[41] As of 2004, he had received $398,548 in deferred
compensation from Halliburton while Vice President.[42] Cheney was chairman and CEO
of Halliburton Company from 1995 to 2000 and has received stock options from
Halliburton.[43]
In the run-up to the Iraq war, Halliburton was awarded a $7 billion contract for which
'unusually' only Halliburton was allowed to bid.[44] Under U.S. law, the government uses
single-bid contracts for a number of reasons, to include when in the view of the
Government, only one organization is capable of fulfilling the requirement.

Bunnatine Greenhouse, a civil servant with 20 years of contracting experience, had

complained to Army officials on numerous occasions that Halliburton had been
unlawfully receiving special treatment for work in Iraq, Kuwait and the Balkans.
Criminal investigations were opened by the U.S. Justice Department, the Federal
Bureau of Investigation (FBI) and the Pentagon's inspector general. These investigations
found no wrongdoing within the contract award and execution process.
In one of Greenhouse's claims, she said that military auditors caught Halliburton
overcharging the Pentagon for fuel deliveries into Iraq. She also complained that
Defense Secretary Donald Rumsfeld's office took control of every aspect of
Halliburton's $7 billion Iraqi oil/infrastructure contract. Greenhouse was later demoted
for poor performance in her position.[45] Greenhouse's attorney, Michael Kohn portrayed
her performance reviews as punishment for criticizing the administrations, he stated in
The New York Times that "she is being demoted because of her strict adherence to
procurement requirements and the Army's preference to sidestep them when it suits their
needs."[46]
On September 8, 2010, an internal report released by BP into the Deepwater Horizon
explosion claimed that poor practices of Halliburton staff had contributed to the disaster.
Investigations carried out by the National Commission on the BP Deepwater Horizon
Oil Spill and Offshore Drilling found that Halliburton was jointly at fault along with BP
and Transocean for the spill. The concrete that Halliburton used was an unstable
mixture, and eventually caused hydrocarbons to leak into the well, eventually causing
the explosion that started the crisis.[47]
Halliburton pleaded guilty to destroying evidence after the April 2010 Deepwater
Horizon disaster; the company destroyed computer simulations it performed in the
months after the accident, simulations that contradicted Halliburton's claim that it was
BP who had not followed Halliburton's advice. BP had employed Halliburton to oversee
the process by which cement is used to seal pipes in oil and gas wells, thereby
preventing leaks. Government investigators had ordered companies involved in drilling
the well to preserve all relevant evidence.[48] Halliburton director Anthony Badalamenti
in Texas has been charged for deleting data related to the deadly BP oil spill in the Gulf
of Mexico in September 2013.[49]
In early December 2010, the Nigerian government filed corruption charges against
Cheney in connection with his role as the chief executive of Halliburton.[50][51] The case
relates to an alleged $182 million contract involving a four-company joint venture to
build a liquefied natural gas plant on Bonny Island in southern Nigeria.[52] Earlier in
2009, KBR, a former subsidiary of Halliburton, agreed to pay $402 million after
admitting that it bribed Nigerian officials, and Halliburton paid $177 million to settle
allegations by the U.S. Securities and Exchange Commission without admitting any
wrongdoing.[53][54] In mid-December 2010, the case was settled when Nigeria agreed to
drop the corruption charges against Cheney and Halliburton in exchange for a
$250 million settlement.[53] According to Femi Babafemi, the spokesperson for the
Economic and Financial Crimes Commission, the $250 million would include
approximately $130 million frozen in a Swiss bank, and the rest would be paid as fines.
[52]

The Federal Contractor Misconduct Database details 10 instances of misconduct since

1995 under which Halliburton has agreed to pay settlements of $791 million.[55] A
further 22 instances of misconduct relate to the company's former subsidiary KBR.[56]

Environmental issues
In 2002, Toxics Release Inventory (TRI) reports were completed to measure the amount
of chemicals emitted from Halliburton's Harris County, Texas facility. The TRI is a
publicly available EPA database that contains information on toxic chemical releases
and waste management activities reported annually by certain industries as well as
federal facilities. The facility had 230 TRI air releases in 2001 and 245 in 2002.[57]
On June 7, 2006, Halliburton's Farmington, New Mexico facility created a toxic cloud
that forced people to evacuate their homes.[58]
Halliburton may also be implicated[59] in the oil spills in the Timor Sea off Australia in
August 2009 and in the Gulf of Mexico in April 2010 for improper cementing.
Halliburton staff were employed on the Transocean operated Deepwater Horizon oil rig
in the Mexican Gulf. Halliburton staff completed cementation of the final production
well 20 hours prior to the Deepwater Horizon drilling rig explosion, but had not yet set
the final cement plug.[60]
In July 2013, Halliburton Co agreed to plead guilty to charges that it destroyed evidence
relating to the 2010 Deepwater Horizon oil spill. This incurred a $200,000 fine; the firm
also agreed to three years of probation and to continue cooperating with the criminal
probe into the spill.[61] In September 2014, the company agreed to pay $1.1 billion in
damages to settle the majority of claims against it relating to the explosion, removing
the uncertainty which had hung over the company for the previous four years

Jamie Leigh Jones incident

Jamie Leigh Jones testified at a Congressional hearing that she had been gang-raped by
as many as seven co-workers in Iraq in 2005 when she was an employee of KBR, and
then falsely imprisoned in a shipping container for 24 hours without food or drink.[62][63]
KBR was a subsidiary of Halliburton at the time. Jones and her lawyers said that 38
women have contacted her reporting similar experiences while working as contractors
in Iraq, Kuwait, and other countries. On September 15, 2009, the 5th Circuit Court of
Appeals ruled in favor of Halliburton, in a 2 to 1 ruling, and found that her alleged
injuries were not, in fact, in any way related to her employment and thus, not covered
by the contract. This decision effectively meant that the mandatory arbitration clause in
her contract did not apply.[63]
These incidents have tainted the public perception of Halliburton, with a consumer
study rating it as the 5th least reputable company in America.[64]

Sale of KBR
On April 15, 2006, Halliburton filed a registration statement with the Securities and
Exchange Commission to sell up to 20 percent of its KBR stock on the NYSE under the

ticker symbol "KBR", as part of an eventual plan for KBR to be a separate company
from Halliburton.[65]
In November 2006, Halliburton began selling its stake in KBR, its major subsidiary, and
by February 2007 had completely sold off the subsidiary. In June 2007, several days
after Stewart Bowen, the Special Inspector General, released a new report, the Army
announced that KBR would share another $150 billion contract with two other
contractors, Fluor and Dyncorp, over the next 10 years.[66]

Baghdad incident
In accordance with the law of armed conflict and to maintain non-combatant status,
Halliburton does not arm its truck drivers. Trucks are often the target of insurgent
attacks. On September 20, 2005, a convoy of four Halliburton trucks was ambushed
north of Baghdad. All four trucks were struck by improvised explosive devices and were
disabled. Their US National Guard escort was thought to have abandoned the disabled
vehicles, leaving the drivers defenseless. Three of the four truck drivers were killed by
the insurgents while the surviving driver caught the event on video. Although the trucks
had military camouflage paint, the drivers were civilian. The US military returned to the
scene 45 minutes later.[67] However, in a statement by senior military officials in Iraq, an
investigation revealed that troops did not abandon the civilians and they were all exiting
the "kill zone" during the ambush.[68][69] The fact caught on the video, the #1 and #2 gun
truck abandoned the rest of the convoy. Gun 3, 4 and 5 were pinned down and were not
able to run.

Deepwater Horizon Explosion

On 26 July 2013, Halliburton pleaded guilty to intentionally destroying evidence
wanted by BP in the company's legal battles related to the Deepwater Horizon oil spill
in 2010.[70] Halliburton, the world's second-largest oilfield services company, had to pay
a US$200,000 statutory fine.[71] In September 2014, Halliburton agreed to settle a large
percentage of legal claims against it over the Deepwater spill by paying $1.1 billion into
a trust by way of three installments over two years.

Restatements
On March 31, 2003, Management at Halliburton restated earnings downward by $14
million for the fourth quarter of 2002. In the restatement, an additional $3 million
expense (net of tax) to continuing operations and an $11 million expense, net of tax, to
discontinued operations were recorded.[72] In March 2, 2005, Halliburton restated its
2004 fourth-quarter earnings to add $2 million US in after-tax losses to reflect the
collection of a $10 million receivable that had been reserved and a correction in lease
accounting.

Subsidiaries
As of Halliburton's latest form 10-K filings with the SEC, Exhibit 21.1 lists the
following as subsidiaries of Halliburton Co.:[73]

Baroid International Trading, LLC (United States, Delaware)

BITC Holdings (US) LLC (United States, Delaware)

Halliburton (Barbados) Investments SRL (Barbados)

Halliburton Affiliates, LLC (United States, Delaware)

Halliburton AS (Norway)

Halliburton Brazil Holdings B.V. (Netherlands)

Halliburton Canada Corp. (Canada, Alberta)

Halliburton Canada Holdings B.V. (Netherlands)

Halliburton Canada Holdings, LLC (United States, Delaware)

Halliburton Canada ULC (Canada, Alberta)

Halliburton de Mexico, S. de R.L. de C.V. (Mexico)

Halliburton Energy Services, Inc. (United States, Delaware)

Halliburton Far East Pte Ltd (Singapore)

Halliburton Global Affiliates Holdings B.V. (Netherlands)

Halliburton Group Canada (Canada)

Halliburton International, Inc. (United States, Delaware)

Halliburton International Holdings (Bermuda)

Halliburton Investments B.V. (Netherlands)

Halliburton Latin America S.A., LLC (United States, Delaware)

Halliburton Luxembourg Holdings S. r.l. (Luxembourg)

Halliburton Luxembourg Intermediate S. r.l. (Luxembourg)

Halliburton Norway Holdings C.V. (Netherlands)

Halliburton Operations Nigeria Limited (Nigeria)

Halliburton Overseas Limited (Cayman Islands)

Halliburton Partners Canada ULC (Canada, Alberta)

Halliburton Servicos Ltda. (Brazil)

Halliburton U.S. International Holdings, Inc. (United States, Delaware)

Halliburton Worldwide GmbH (Switzerland)

HES Corporation (United States, Nevada)

HES Holding, Inc. (United States, Delaware)

HESI Holdings B.V. (Netherlands)

Kellogg Energy Services, Inc. (United States, Delaware)

Landmark Graphics Corporation (United States, Delaware)

Oilfield Telecommunications, LLC. (United States, Delaware)

Corporate affairs
Headquarters

Halliburton headquarters (North Belt Campus) in north Houston

Halliburton's headquarters (North Belt Campus) are located in Harris County, in
northern Houston, Texas, near George H.W. Bush Intercontinental Airport.[74][75]
Halliburton was headquartered in Dallas, Texas from 1961 to 2003.[75] The company
moved its headquarters from the Southland Life Building in Dallas to 50,648 square feet
(4,705.4 m2) of space in Lincoln Plaza in Downtown Dallas in 1985.[76] 20 employees
worked in Halliburton's headquarters in Dallas.[77]
Halliburton planned to move its headquarters to Houston in 2002.[78] Halliburton, which
signed its lease to occupy a portion of 5 Houston Center in Downtown Houston in 2002,
[79]
moved its headquarters there by July 2003.[80] Halliburton occupied 26,000 square
feet (2,400 m2) of space on the 24th floor in 5 Houston Center.[75]

Aerial view of the current Halliburton headquarters (2002)

In 2009 Halliburton announced that it planned to move its headquarters to the North
Belt Campus in Houston. In addition it planned to consolidate operations at its
Westchase and North Belt Campus.[81] The move occurred in 2009.[74] The 90 acres
(36 ha) North Belt complex will house 2,500 employees. Halliburton planned to add a
research and development facility with laboratories, a new cafeteria, a childcare center,
two additional parking garages, and fitness and wellness centers for employees.[75] The
plans for the North Belt Campus had been delayed by one year, and Halliburton expects
completion in 2013. The construction of the North Belt administration building is
scheduled to begin in late 2010.[82]
According to Marilyn Bayless, the president of the North Houston Greenspoint
Chamber of Commerce, in 2003 Halliburton had planned to move operations out of the
North Belt office because other area school districts offered the freeport tax exemptions
while the Aldine Independent School District (AISD), where the North Belt office is
located, did not. In order to attract businesses, in May 2003, AISD began offering the
same tax exemption as other jurisdictions. Subsequently, Halliburton retained the North
Belt office.[83]

See also
Houston portal
Dallas-Fort Worth portal
Oklahoma portal
Companies portal
Energy portal

List of oilfield service companies

Private military contractor

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Further reading

Briody, Dan (2004). The Halliburton Agenda: The Politics of Oil and Money.
John Wiley & Sons, Inc. ISBN 0-471-63860-9.

External links
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