Halliburton Watch

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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.

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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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