Guide Note
Originally an oil well services and equipment manufacturer,
Halliburton today is a
multinational corporation with diverse operations in over 120 countries. Vice President
Dick Cheney is the company's former CEO.
Fast Facts
- Ticker: HAL (NYSE)
- Founded in 1919 by Erle Halliburton
- Chairman: David Lesar
- Headquarters: Houston, Texas and Dubai
- Staff: 106,000
History
Halliburton was founded by Erle Halliburton in 1919 as the Halliburton Oil Well Cementing Company. It was first listed on the New York Stock Exchange in 1948. In 1962, the company acquired Brown and Root, now known as Kellogg Brown and Root (KBR), a construction company.
Starting with projects to secure Iraq's oil wells during the 1991 Gulf War, Halliburton began taking on a more significant role in combat zones.
Projects in Iraq
Halliburton and its subsidiaries received a number of no-bid contracts to rebuild and maintain Iraq's oil drilling resources, as well as to provide supplies and other necessities for American soldiers. The "Restore Iraqi Oil" contract alone promised the company $2.5 billion. Though many of these contracts were paid for, not all of the work was actually completed, leading some to accuse the company of war profiteering. Whistleblowers from inside the company came forward to reveal unfair special treatment for Halliburton by the U.S. Government.
Halliburton responded by selling off its Kellogg, Brown and Root subsidiary (responsible for many of these Iraq contracts).
Cheney Connection
Vice President Cheney was CEO of Halliburton from 1995 until taking office in 2000. To avoid accusations of a conflict of interest, Cheney has agreed to receive a fixed amount from the company during his time in office, rather than the full amount his stock options would normally be worth. Still, many have argued that the Bush Administration has shown favoritism towards the conglomerate and looked the other way on issues of corruption and fraud.
Rape Accusations
Two former Kellogg, Brown and Root employees, including Jamie Leigh Jones, have alleged to being raped in Iraq while employed by the company, and further claim that the company tried to cover up the crimes. As former employees, they are contractually ineligible to sue. Halliburton further argues that, as they no longer own KBR, they should not be involved in any future litigation.
