Erle Halliburton, a Tennessean, begins lining oil well shafts with cement
to seal the shaft from water
contamination and cave-ins.
Cementing is now an essential step in
currently drilling oil wells - and Halliburton dominates this process in the
1981 Halliburton revenues
soar to $8.5 billion, profits are $674 million.
Halliburton employes more than
Richard Bruce Cheney is
hired to run Halliburton.
Cheney, a career politician with head of state contacts, serves as
Halliburton's global salesman-in-chief as Halliburton desperately needs more
Dave Lesar, who has spent 16 years at
Arthur Andersen as the Halliburton auditor and has no experience operating a
business, is appointed CFO of
Bruce Cheney fires Tommy Knight - a respected 32-year Brown & Root
veteran - and names Dave Lesar as CEO of Brown & Root, in addition to his
duties as CFO of Halliburton.
1998 Halliburton pays a $7.5 million penalty to the
Securities and Exchange Commission for failure to disclose an accounting
change that allowed the incorporation to hit its quarterly earnings
Cheney sued over accounting fraud
Under Cheney, Halliburton Altered Policy On
Dick Cheney Lectures CEOs on Corporate
The engineering business, MW Kellogg, is merged with
Brown & Root to form Kellogg,
Brown & Root, or KBR.
Kellogg Brown & Root, Inc. History
"Companies like Halliburton that run big construction projects
thrive on cost overruns - the extra cash that they get from customers like the
Pentagon beyond what they bid to do the job. Beginning in 1998, Halliburton
started to estimate how much extra it would ultimately be paid in overruns,
reporting the figure as income on its statements. The accounting pick-me-up
boosted the company's bottom line by $100 million. Guess which accounting firm
audited Halliburton's cooked books? Arthur Andersen, of course." - Alan Maass,
June 7, 2002, Cheney's
corporate rap sheet
In February under
the direction of Richard Bruce
Cheney Halliburton makes a $7.7 billion purchase of Dresser Industries.
Industries, based in Dallas, was nearly as big as Halliburton, with
separate oilfield and engineering divisions of its own.
combination for both companies' shareholders, customers, and employees. We went
from being a second-tier, second-rank energy-services incorporation to being
the biggest on Earth." - Richard Bruce Cheney
Dresser Industries near the top of the market, at a 16% premium.
first moves made by Richard Bruce Cheney
after the deal closed was to cut 10,000 jobs.
Dresser Industries faced
66,000 asbestos claims
at the time of purchase.
Asbestos claims later
escalated to 274,000, dating back to a former Dresser subsidiary in Pittsburgh,
Until the 1970s, Harbison-Walker had used
asbestos in industrial
products it sold, such as insulating bricks and coatings.
1997 BP Amoco pays a half-billion dollars to buy a 10 percent
stake in the Russian oil conglomerate Sidanko.
1998 Halliburton Energy Services enter into an agreement with
Moscow-based Tyumen Oil Company (TNK).
Efforts are focused on the four
western Siberia fields, the first one being the Samotlorskoye
1999 Tyumen Oil purchases Sidankos
prize unit, Chernogorneft allegedly making the BP Amocos investment
Tyumen offers to cooperate with BP Amoco on the development
of Chernogorneft but BP Amoco is not interested.
TNK has proven oil
reserves of 4.3 billion barrels and possibly as many as 6.1 billion barrels,
with crude oil production and refining capabilities of 420,000 barrels/day and
230,000 barrels/day, respectively.
TNK markets gasoline through 400
Halliburton used legal shenanigans to place just pieces of itself into
Chapter 11, retain control of the corporation, and avoid wiping out
In the end, the price tag for
asbestos claims soared
to $5.1 billion. (If it was not for Iraq
no-bid contracts Halliburton
would have been carved up and sold off!)
Between August 2000 and
February 2005 Halliburton reported net losses of nearly $2
Halliburton and Sibneft, Russias fifth largest crude oil
producer, sign an agreement.
Sibneft will use Halliburtons new
technologies to improve well construction and processing while Halliburton
directs all project management.
2004 Pentagon Defense Contract Agency reports
that Halliburton charged $27.5 million to deliver $82,100 worth of liquefied
petroleum gas at a profit of more than $27.4 million on an expenditure of less
2005 Federal prosecutors investigating how Halliburton
sidestepped sanctions against
doing business with Iran as well as a former KBR chairman's alleged
involvement in a Nigerian bribery scandal and
possible bid-rigging overseas were
stymied by Richard Bruce Cheney.
"In 2007, America finds itself at a
moral and demographic
crossroads. It cannot expect the
upper class to provide strong moral leadership because
the upper class is filled with
people who work for Halliburton." - Joe Queenan
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