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
1995 Richard Bruce Cheney is hired to
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 Halliburton.
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
Russias 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
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 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.
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.
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
Amoco announces it will merge with
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
Tyumen offers to cooperate with BP Amoco on the
development of Chernogorneft but BP Amoco is not interested.
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.
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
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, 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.
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
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
because the upper class is filled
with people who work for Halliburton." - Joe Queenan
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