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1919
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
oilfield business.
1981 Halliburton revenues
soar to $8.5 billion, profits are $674 million.
Halliburton employes more than
110,000 workers.
1995 Richard Bruce Cheney is hired
to run Halliburton.
Richard Bruce Cheney, a career
politician with head of state
contacts, serves as Halliburton's global salesman-in-chief as Halliburton
desperately needs more work overseas.
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 Halliburton.
Richard 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.
The Interros Group obtains a majority stake in
SIDANKO.
Russia's industrial production continues to fall, barter is
replacing monetary payments, the fabric of commercial activity is coming apart
at the seams.
Russian government run loans-for-shares auctions create
opportunities to control and manage the largest mineral extraction companies.
UNEXIM-MFK Group wins an auction to manage a 51% stake in the SIDANKO
oil company.
Another 40% is acquired at investment tenders.
1997 British Petroleum pays a half-billion
dollars to buy a 10 percent stake in the Russian oil conglomerate
SIDANKO.
SIDANKO is one of the five largest oil
companies in Russia.
1998 In February under the direction of
Richard Bruce Cheney Halliburton
makes a $7.7 billion purchase of Dresser Industries.
Dresser Industries, based in
Dallas, was nearly as big as Halliburton, with separate oilfield and
engineering divisions of its own.
"A win-win 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
Halliburton buys
Dresser Industries near the top of the market, at a 16% premium.
One of
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, Harbison-Walker.
Until the 1970s, Harbison-Walker had used
asbestos in industrial
products it sold, such as insulating bricks and
coatings.
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 targets.
Cheney sued over accounting fraud
Under Cheney, Halliburton Altered Policy On
Accounting
Dick Cheney Lectures CEOs on Corporate
Responsibility
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
August 11
Amoco announces it will merge with
British
Petroleum.
October 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 field.
1999 Tyumen Oil
purchases Sidanko's prize unit, Chernogorneft allegedly making the BP Amoco's
investment worthless.
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 retail outlets.
2002
Halliburton used legal shenanigans to place just pieces of itself into
Chapter 11, retain control of the corporation, and avoid wiping out
shareholders.
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
billion.
Halliburton and Sibneft, Russia's fifth largest crude oil
producer, sign an agreement.
Sibneft will use Halliburton's 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 than
$100,000.
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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