Halliburton - War Profiteering
Based in Houston, Texas (US), Halliburton Energy Services is a multinational corporation with operations in well over 100 countries. Halliburton operations include two major business segments. Its energy services group provides its technical know-how to oil and gas exploration services. The other subsidiary, renamed KBR in 2002, is a construction company for oil fields, pipelines, refineries and chemical plants. KBR (Kellogg-Brown & Root division) was originally formed by merging the Halliburton’s Brown & Root subsidiary with M.W. Kellogg division of Dresser back in 1962.
Recently, Halliburton announced new opening of its headquarters in Dubai in the UAE.
Halliburton is among the world’s largest players in oilfield industry. Its KBR subsidiary has shown wide fluctuation in its revenues and profit. Kellogg acquisition has resulted in asbestos related litigation for the company causing more than $4billion in losses in the 2002-2004 periods. It was estimated that Halliburton lost around $900 million per year in that period. In 2005 a final non appealable settlement in the asbestos case was reached. Though the revenues of Halliburton have jumped sky high after the war in Iraq, its KBR division has been outlined for divestment through a possible sale or initial public offering. KBR was valued around $3 billion in 2005.
Incidentally, Halliburton is the only company to have its name mentioned by Osama Bin Laden. In the 2004 April tape released by Osama Bin Laden, the company was accused of profiting from the war in Iraq.
Critics have recalled the Vietnam era controversy while referring to Halliburton deals as relationship of Vice president Richard Cheney to the company are reminiscent of the relations that President Lyndon B. Johnson had with Brown & Root.
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