Halliburton is an American multinational. One of the largest oil field services companies in the world, has been operating in more than 70 countries. The company has hundreds of subsidiaries, affiliates, branches, brands, and divisions worldwide and employs around 50,000 people.
The company has a double headquarters located in Houston and in Dubai, where Chairman and CEO David Lesar works and resides. The company remains incorporated in the United States.
Halliburton's main business segment is the Energy Services Group (ESG). ESG provides technical products and services for oil and gas exploration and production. The former subsidiary of Halliburton, KBR, is a major construction company of oil refineries, oil fields, pipelines, and chemical plants. Halliburton announced on 5 April 2007 that it had sold its division and terminated its corporate ties with KBR, which is a contract, engineering and construction unit as part of the company.
The company has been involved in numerous controversies, including the explosion of Deepwater Horizon, which was approved to settle extraordinary legal claims against it by paying $ 1.1 billion litigants.
KBR, one of Halliburton's subsidiaries at the time, paid bribes to high-ranking Nigerian officials between 1994 and 2004. Under an agreement reached with the US Department of Justice, Halliburton has agreed to pay $ 382 million to settle the bribery case.
On August 1, 2014 Jeff Miller was promoted to President of Halliburton who reported directly to Dave Lesar.
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Business summary
Location
Lokasi kantor regional AS adalah Anchorage, Alaska; Bakersfield, California; Denver, Colorado; Iberia Baru, Louisiana; Houma, Louisiana; New Orleans, Louisiana; Shreveport, Louisiana; Lafayette, Louisiana; Kota Oklahoma, Oklahoma; Homer City, Pennsylvania; Artesia, New Mexico; Farmington, New Mexico; Hobbs, New Mexico; Naples, Utah; Carrollton, Texas; Alvarado, Texas; Fort Worth, Texas; Odessa, Texas; San Antonio, Texas.
Major international offices exist 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, UK, France, Spain, Australia, Russia, China, India, Iran, Thailand, Malaysia, Indonesia, Vietnam, Japan, Singapore, Pakistan, UAE, Oman, Yemen, Saudi Arabia, Iraq and Kuwait.
Technology centers around the world are in Duncan, Oklahoma; Carrollton, Texas; Houston, Texas ;; Pune, India; and Singapore.
Division
Energy services (the company's historical foundation), formation evaluation, digital solutions and consulting, volume production optimization, and fluid systems are key business segments. The business continues to be profitable, and the company is one of the world's largest players in the service industry; it was second only to Schlumberger, and followed by Saipem, Weatherford International, and Baker Hughes.
With the acquisition of Dresser Industries in 1998, Kellogg-Brown & amp; The root division (in 2002 renamed KBR) was formed by combining Halliburton's Brown & amp; Root (acquired 1962) subsidiary and division Kellogg M.W. from Dresser (which Dresser had merged with in 1988). KBR is a major international construction company working in industries that tend to have volatility and are subject to significant fluctuations in revenues and profits. Asbestos-related litigation from the acquisition of Kellogg caused the company to book a loss of more than US $ 4.0 billion from 2002 to 2004.
As a result of asbestos related costs and shocking losses at Rio de Janeiro's Brazil-based FPSO Barracuda Caratinga construction project, Halliburton lost about $ 900 million per year from 2002 to 2004. The last non-bred settlement in asbestos Case was reached on month January 2005 which allows Halliburton KBR subsidiaries to exit Chapter 11 bankruptcy and return the company to quarterly profitability. While Halliburton's revenue has increased due to his contract in the Middle East, the overall impact at its core has been mixed.
At a meeting for investors and analysts in August 2004, a plan was outlined to release the KBR division through possible sale, spinoff or initial public offering. Analysts at Deutsche Bank appreciate KBR to $ 2.15 billion, while others believe it could be worth closer to $ 3 billion in 2005. KBR became a separate listed company on 5 April 2007.
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History
Early history (like HOWCO)
In 1919, Erle P. Halliburton started the New Method Oil Well Cementing Company.
In 1920, he carried wild gas well under control, using cement, for W.G. Skelly, near Wilson, Oklahoma. On March 1, 1921, Halliburton "methods and means excluding water from oil wells" was granted a patent from the US Patent Office. Halliburton invented a revolutionary cement jet mixer, to remove the mixing of cement hand, and the measuring line, a tool used to guarantee cementing accuracy. In 1922, Halliburton Petroleum Generating Company (HOWCO) evolved from the Mexia oil boom, Texas, after cementing the 500th well at the end of the summer.
In 1924, the company was founded in Delaware, with 56 people on his payroll. The company's shares are owned by Erle and Vida Halliburton and by seven major oil companies: Magnolia, Texas, Gulf, Humble, Sun, Pure and Atlantic.
In 1926, its first overseas business began with equipment sales to Burma and India.
Throughout the 1930s and 1940s, Halliburton continued to solidify all of America. In 1938, Halliburton cemented his first offshore well by truck on a barge off Louisiana. In 1940, Halliburton opened an office in Venezuela and introduced mass treatment of cementing to the industry. In 1947, the first marine cotton ship of Halliburton began its operation.
In 1951, Halliburton first appeared in Europe as Halliburton Italiana SpA, a wholly owned subsidiary in Italy. For the next seven years Halliburton launched Halliburton Company Germany GmbH, established operations in Argentina and established a subsidiary in the United Kingdom. In 1951, HOWCO has service centers operating in Canada, Venezuela, Peru, Colombia, Saudi Arabia, and Indonesia. Halliburton's revenue reached $ 100 million for the first time in 1952.
Erle P. Halliburton died in Los Angeles in 1957. HOWCO is currently worth $ 190 million with camps around the world. That same year, HOWCO bought Welex, which pioneered jet perforations. Otis Engineering, an oilfield services and equipment company specializing in manufacturing pressure control equipment for oil and gas production wells, was obtained in 1959.
As Halliburton
On July 5, 1961, the company changed its name to Halliburton Company. In 1963, Halliburton was the first company in Oklahoma to receive the President's "E" for the Export flag in recognition of an important contribution to foreign trade.
Halliburton opened a 500,000 square foot (46,000 m 2 ) manufacturing center in Duncan, Oklahoma, in 1964. The company began experimenting with new technologies to assist their services - for example, beginning in 1965 a pilot operation of computer network systems - the first such installations in the oilfield services industry. In 1966, the workers pioneered a new wing at the Research Center at Duncan that tripled the space available for the Department of Chemical Research and Design.
In 1968, an automatic mixing system for drilling mud was developed by Halliburton, primarily for offshore use. Gearhart Industries (acquired by Halliburton Energy Services in 1989) introduced the first digital computer logging system in 1974.
In 1969, Halliburton began construction of a base camp in Prudhoe Bay on the North Slope of Alaska.
In 1975, he responded to environmental concerns by working with nonprofit Clean Gulf Associates to hold and clean up oil spills. In 1976, Halliburton founded the Halliburton Energy Institute in Duncan, Oklahoma, to provide an industry forum for disseminating technical information.
In 1980, Halliburton Research Center opened in Duncan, Oklahoma. A quarter of the company's cement sacks for customers were pumped up in 1983. In 1989, Halliburton acquired the Gearhart Industries logging and perforating company and combined it with its subsidiary Welex to form Halliburton Logging Services.
Throughout the 1980s, Halliburton subsidiaries continued their projects around the world (under the management of former CEO Brian Darcy) even in countries once considered enemies. Equipment is provided for the first multiwell platform off the coast of China, and the Otis Engineering team controlled the giant Tengiz field explosion in the Soviet Union.
1990s
Following the end of Operation Desert Storm in February 1991, the Pentagon, led by secretary of defense Dick Cheney, paid for Halliburton subsidiary Brown & amp; The Root service is over $ 8.5 million to study the use of private military forces with American troops in combat zones. The Halliburton crew also helped carry 725 burnt oil wells under the control of Kuwait.
In 1995, Cheney succeeded Thomas H. Cruikshank, as chairman and CEO. Cruikshank has been serving since 1989.
In the early 1990s, Halliburton was found to violate federal trade barriers in Iraq and Libya, after selling these countries dual oil drilling equipment and, through its subsidiary, Halliburton Logging Services, sent six neutron pulse generators to Libya. After pleading guilty, the company was fined $ 1.2 million, with another $ 2.61 million in fines.
During the Balkan conflict in the 1990s, Kellogg Brown-Root (KBR) supported US peacekeepers in Bosnia and Herzegovina, Croatia and Hungary with food, laundry, transportation and other life-cycle management services.
In 1998, Halliburton joined Dresser Industries, including Kellogg. Prescott Bush is the director of Dresser Industries, 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 the Zapata Corporation.
2000s
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, operates on the ninth floor of the new northern Tehran tower block. Although HPS was founded in the Cayman Islands in 1975 and "non-American", it shares both the logo and the name Halliburton Energy Services and, according to Dow Jones Newswires, offers services from Halliburton units around the world through its offices in Tehran. Such behavior, which is done when Cheney is the CEO of Halliburton, may have violated the Trade with Enemy Act. A spokeswoman for Halliburton, responding to a question from Dow Jones, said: "This is not illegal, it is a foreign subsidiary and no US person is involved in this matter.No US people who facilitate any transactions We do not conduct directly in the country it is. "Later David Lesar will book his own flight to the Teheran office through the KBR British arms. No legal action taken against the company or its officers.
In April 2002, KBR was awarded a $ 7 million contract to build steel cell prisoners at Camp X-Ray.
In November 2002, KBR was assigned to properly plan fire fighting in Iraq, and in February 2003 a contract was issued to do the work. Critics argue that it is a no-bid contract, given because of Dick Cheney's position as vice president. Concern also stated that the contract could allow KBR to pump and distribute Iraqi oil. Others, however, argue that this is not really a no-bid contract, and is executed under a contract that won the KBR "in a competitive bidding process." The contract, referred to as LOGCAP, is a contingency-based contract that runs on the comfort of the Army. Since the contract is essentially a retainer, a special order is not a competitive bid (like the whole contract).
In May 2003, Halliburton revealed in a SEC filing that his subsidiary KBR had paid $ 2.2 million to Nigerian officials bribes to receive favorable tax treatment., United Arab Emirates In October 2004, after emerging from bankruptcy protection, Halliburton opened a new 250,000 (23,000 m 2 ) facility on 35 acres (140,000 m 2 ), replacing the older facility that opened in 1948, in Rock Springs, Wyoming. With over 500 employees, Halliburton is one of the largest private companies in Sweetwater County.
On January 24, 2006, Halliburton subsidiaries KBR (formerly Kellogg, Brown and Root) announced that they have been awarded a $ 385 million contingency contract by the Department of Homeland Security to build a "temporary and processing detention facility" or an internment camp. According to Business Wire , this contract will be executed in cooperation with the US Army Engineer Corps, Fort Worth District. Critics designate Guantanamo Bay detention camps as a possible model. According to a press release posted on the Halliburton website, "The contract, which is effective immediately, provides for temporary restraint and processing capabilities to supplement the facilities of the Immigration and Customs Immigration and Immigration Detention Program (ICE) at the event from the entry of emergency immigrants to the US, or to support the rapid development of new programs. Contingency support contents provide for planning and, where necessary, special engineering, construction and logistics initiatives support the task of building, operating and maintaining one or more expansion facilities. "
In February 2008, a hard disk and two computers containing secret information were stolen from Petrobras while in Halliburton detention. Allegedly, the content inside the stolen material is data on the newly discovered Tupi oil field. Initial police questions indicate that it could be a common container theft operation. The container was full of complete chaos indicating that the thief was "a valuable item and not just a laptop," said an expert consulted by the daily newspaper Folha de S. Paulo.
In 2008, Halliburton agreed to outsource mission-critical information technology infrastructure to the Dallas/Fort Worth Metroplex data center operated by CyrusOne Networks LLC.
On May 14, 2010, President Barack Obama said in an interview with CNN that "You have BP executives and Transocean and Halliburton dropping each other to show mistakes on others" when referring to a congressional hearing held during Deepwater Horizon Oil Spill. "The Americans can not be impressed with the look, and certainly not." According to Tim Probert, executive vice president of Halliburton, "Halliburton, as a service provider to the well owners, is bound by contract to comply with the instructions of the well owner".
It is anticipated that the $ 2.5 billion "Restore Iraqi Oil (RIO) contract will fund itself and also for the reconstruction of the entire country. The plan called for more oil to be exported from Iraq's northern oil fields than actually happened. Halliburton's work on the pipeline that crossed the Tigris River at Al Fatah was called a failure. Critics claim that oil fields are virtually unusable and access to international markets is limited. For example, on the advice of the experts themselves, Halliburton attempted to dig a tunnel through a geological fault zone. The underground field is a pile of rocks, cavities, cobbles, and gravel and not suitable for the type of drilling planned by Halliburton. "No driller in his right mind will go ahead," Army geologist Robert Sanders said when the military finally sent people to inspect the work.
Proposed the acquisition of Baker Hughes
On November 17, 2014 Halliburton and Baker Hughes jointly announced a definitive agreement under which Halliburton will, in accordance with the terms of the agreement, acquire Baker Hughes in a $ 34.6 billion cash and stock transaction. The press release available on the makers' website, on December 11, 2014 details the restructuring in integration to follow. The company announced it would acquire Baker Hughes for approximately $ 35 billion in cash and stock, creating an oilfield service company aimed at competing with Schlumberger. Prior to the merger of Baker Hughes and Halliburton, Halliburton had to release more than $ 5 billion of assets in accordance with the rules set by US competition law enforcement authorities. The merger has a deadline of late April 2016 after that, if a decision has not been made, the two companies may abandon the deal if they choose. In early May 2016, a day after the deadline ended, Halliburton and Baker Hughes announced the termination of the merger agreement.
Controversy
Halliburton has been the subject of some controversy involving the 2003 Iraq War and corporate ties with former US Vice President Dick Cheney. Cheney retired from the company during the 2000 presidential election campaign with a $ 36 million severance package. In 2004, he had received $ 398,548 in deferred compensation from Halliburton while Vice President. Cheney was chairman and CEO of Halliburton Company from 1995 to 2000 and has received stock options from Halliburton.
In the Iraq war, Halliburton was awarded a $ 7 billion contract that Halliburton allowed only to offer. Under U.S. law, the government uses a single bid contract for a number of reasons, to include when in the eyes of government, only one organization is capable of meeting the requirements.
Bunnatine Greenhouse, a civil servant with 20-year contract experience, has complained to Army officials on occasions that Halliburton has illegally received special treatment for work in Iraq, Kuwait and the Balkans. The criminal investigation was opened by the US Department of Justice, the Federal Bureau of Investigation (FBI) and the Pentagon inspector general. This investigation found no errors in the contract process and the execution of the contract.
In one of Greenhouse's claims, he said that military auditors captured Halliburton which weighed on the Pentagon for fuel deliveries to Iraq. He also complained that Defense Minister Donald Rumsfeld's office took control of every aspect of Iraq's $ 7 billion oil/infrastructure contract. The greenhouse was later downgraded for a poor performance in its position. Greenhouse lawyer Michael Kohn described his performance review as a punishment for criticizing the administration, he stated in The New York Times that "he was deposed because of his strict adherence to Army procurement requirements and preferences to avoid them when it suits their needs. "
Deanwater Horizon explosion
On September 8, 2010, an internal report released by BP into the Deepwater Horizon explosion claimed that the Halliburton staff bad practice had contributed to the disaster. Investigations conducted by the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling found that Halliburton jointly committed a blunder along with BP and Transocean for the spill. The concrete used by Halliburton was an unstable mixture, and eventually caused the hydrocarbons to leak into the well, causing an explosion that precipitated the crisis.
Halliburton pleaded guilty to destroy evidence after the Deepwater Horizon disaster of April 2010; the company destroyed a computer simulation done within months of an accident, a simulation that contradicted Halliburton's claim that it was BP who did not follow Halliburton's suggestion. BP has employed Halliburton to oversee the process by which cement is used to seal pipes in oil and gas wells, thereby preventing leaks. Government investigators have ordered companies involved in drilling the well to keep all relevant evidence.
Allegations of corruption in Nigeria
In early December 2010, the Nigerian government filed allegations of corruption against Cheney in connection with his role as chief executive of Halliburton. The case relates to a $ 182 million contract allegation involving a joint venture of four companies to build a liquefied natural gas plant on Bonny Island in southern Nigeria. Earlier in 2009, KBR, a former subsidiary of Halliburton, agreed to pay $ 402 million after admitting it was bribing Nigerian officials, and Halliburton paid $ 177 million to settle allegations by the Securities and Exchange Commission without acknowledging any wrongdoing. In mid-December 2010, the case was resolved when Nigeria agreed to cancel corruption allegations against Cheney and Halliburton in return for $ 250 million. According to Femi Babafemi, spokesman for the Economic and Financial Crimes Commission, $ 250 million will cover about $ 130 million frozen in Swiss banks, and the rest will be paid as fines.
The Federal Contractor Misconduct Database details 10 cases of errors since 1995 in which Halliburton has agreed to pay settlements for $ 791 million. 22 further infringement cases relate to the former company of KBR subsidiaries.
Environmental issues
In 2002, the Toxics Release Inventory (TRI) report was completed to measure the amount of chemicals emitted from Halliburton Harris County, a Texas facility. TRI is a publicly available EPA database containing information about toxic chemical releases and waste management activities reported annually by certain industries as well as federal facilities. The facility has 230 TRI air shows in 2001 and 245 in 2002.
On June 7, 2006, Halliburton's Farmington, a New Mexico facility created a toxic cloud that forced people to evacuate their homes.
Halliburton may also be involved in an oil spill in the Timor Sea from Australia in August 2009 and in the Gulf of Mexico in April 2010 for improper cementing. Halliburton staff are employed on the Transocean-operated Deepwater Horizon oil rig in the Gulf of Mexico. Halliburton staff completed the cementation from the final production well 20 hours before drilling the Deepwater Horizon drilling rig, but had not yet installed the final cement plug.
In July 2013, Halliburton Co. agreed to plead guilty to allegations that it destroyed evidence related to the Deepwater Horizon oil spill in 2010. This resulted in a $ 200,000 fine; the company also agrees to a three year trial period and continues to cooperate with criminal investigations into the spill. In September 2014, the company agreed to pay $ 1.1 billion in damages to settle the majority of claims against him in relation to the explosion, eliminating the uncertainty that had hung on the company over the previous four years.
Jamie Leigh Jones Incident
Jamie Leigh Jones testified at the Congressional hearing that he had been raped by seven co-workers in Iraq in 2005 when he was a KBR employee, and then jailed falsely in a 24-hour shipping container without food or drink.. KBR was a subsidiary of Halliburton at the time. Jones and his lawyer said that 38 women had contacted him reporting a similar experience while working as a contractor in Iraq, Kuwait, and other countries. On September 15, 2009, the 5th Circuit Court of Appeal ruled in favor of Halliburton, in 2 to 1 decision, and found that his alleged injury was not, in fact, in any case related to his work and thus, not covered by the contract. This decision effectively means that the obligatory arbitration clause in its contract is void.
These incidents pollute public perception of Halliburton, with the assessment of consumer studies as the fifth least reputable company in America.
Sales 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 share on the NYSE with a ticker symbol "KBR", as part of the final plan for KBR to be separate. company from Halliburton.
In November 2006, Halliburton began selling its stake in KBR, its major subsidiary, and in February 2007 had actually sold its subsidiaries. In June 2007, days after Stewart Bowen, the Inspector General, released a new report, the Army announced that KBR would again share a $ 150 billion contract with two other contractors, Fluor and Dyncorp for the next 10 years.
Baghdad incident
In accordance with the law of armed conflict and to maintain non-combatant status, Halliburton does not arm its truck driver. Trucks are often the target of rebel attacks. On September 20, 2005, a convoy of four Halliburton trucks was ambushed north of Baghdad. The four trucks were hit by an explosive device and disabled. Their US Guard National Guard is thought to have abandoned defective vehicles, so drivers are helpless. Three of the four truck drivers were killed by the rebels, while the surviving driver captured the incident in the video. Although the trucks have military camouflage paints, the drivers are civilians. The US military returned to the scene 45 minutes later. However, in a statement by senior military officials in Iraq, the investigation revealed that troops had not abandoned civilians and they were all out of the "kill zone" during the ambush.
Restatements
On March 31, 2003, Halliburton Management restated revenues of under $ 14 million for the fourth quarter of 2002. In restatement, an additional $ 3 million (net of tax) fee for continuous operation and $ 11 million, net of tax , for discontinued operations recorded. On March 2, 2005, Halliburton reinstated fourth-quarter 2004 earnings to add $ 2 million to US in tax losses to reflect the collection of the $ 10 million ordered accounts and corrections in lease accounting.
Subsidiaries
As the latest form of Halliburton 10-K filings with SEC, Exhibit 21.1 lists the following as a subsidiary of Halliburton Co.:
Company affairs
Headquarters
Halliburton Headquarters (Northern Belt Campus) is located in northern Houston, Texas, near George H.W. Bush Intercontinental Airport.
Halliburton is headquartered in Dallas, Texas from 1961 to 2003. The company moved its headquarters from the Southland Life Building in Dallas to 50,648 square feet (4,705.4m 2 ) space at Lincoln Plaza in Downtown Dallas in 1985. 20 employees working at Halliburton headquarters in Dallas.
Halliburton plans to move its headquarters to Houston in 2002. Halliburton, who signed his contract to occupy a portion of the Houston Center in Downtown Houston in 2002, moved his headquarters there in July 2003. Halliburton occupied 26,000 square feet (2,400 m)> 2 ) room on the 24th floor at 5 Houston Center.
In 2009 Halliburton announced that it plans to move its headquarters to the Northern Belt Campus in Houston. In addition it is planned to consolidate operations at Westchase and North Belt Campus. This move takes place in 2009. The 90 acre North Belt complex will accommodate 2,500 employees. Halliburton plans to add research and development facilities with laboratories, new cafeterias, childcare centers, two additional parking garages, and fitness and wellness centers for employees. Plans for North Belt Campus have been delayed for a year, and Halliburton expects completion in 2013. Construction of the North Belt administration building is scheduled to begin by the end of 2010.
According to Marilyn Bayless, president of Houston's Greenspoint North Chamber of Commerce, in 2003 Halliburton had planned to move operations out of the North Belt office because other district school districts offered freeport tax exemption while the Aldine Independent School District (AISD), where the North Belt office was located, no. To attract businesses, in May 2003, AISD began offering the same tax breaks as other jurisdictions. Furthermore, Halliburton maintains the North Belt office.
Lobby
Halliburton involves a third party political lobbyist in a jurisdiction where he holds interests. For example, in South Australia GRACosway involves.
See also
- List of oilfield services companies
- Private military contractor
References
Further reading
- Briody, Dan (2004). Halliburton Agenda: Oil and Money Politics . John Wiley & amp; Sons, Inc. ISBNÃ, 0-471-63860-9.
External links
Media related to Halliburton on Wikimedia Commons
- Official website
Source of the article : Wikipedia
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