Halliburton

For other uses, see Haliburton.
For information on the early 20th century explorer of the same name, see Richard Halliburton

Halliburton Energy Services NYSE: HAL is a multinational corporation based in Houston, Texas. With revenues exceeding $20.46 (billion U.S. FY 2004) and over 95,000 employees, Halliburton operates in two major business segments. The Energy Services Group provides technical products and services for oil and gas exploration and production. The KBR group is a major construction company of mainly refineries, oilfields & pipelines, and chemical plants.

Business Overview

Energy Services, the company's historical bedrock, includes: drilling & formation evaluation, digital & consulting solutions, production volume optimization, and fluid Systems. This business continues to be profitable, and the company is a world leader in this industry; Schlumberger is the company's closest competitor.

With the acquisition of Dresser Industries in 1998, the Kellogg-Brown & Root division (in 2002 renamed to KBR) was formed by merging Halliburton's Brown & Root (acquired 1962) subsidiary and the M.W. Kellogg division of Dresser (which Dresser had merged with in 1988). KBR is a major international construction company, which is a highly volatile undertaking subject to wild fluctuations in revenue and profit. Asbestos-related litigation from the Kellogg acquisition caused the company to book over $4.0 (billion U.S.) in losses from 2002 through 2004.

As a result of the asbestos-related costs, Halliburton lost approximately $900 million U.S. a year from 2002 through 2004.

At a meeting for investors and analysts in August 2004, a plan was outlined to divest the KBR division through a possible sale, spin-off or initial public offering. Analysts at Deutsche Bank value KBR at up to $2.15 billion, while others believe it could be worth closer to $3 billion by the time management decides what to do with the business in 2005.

History

1919 to 1990

Mr. and Mrs. Erle P. Halliburton first tried to find work cementing oil wells in Burkburnett, Texas then moved their business (New Method Oil Well Cementing Company) to the Healdton field near Ardmore, Oklahoma.

  • 1920: reorganized - Halliburton Oil Well Cementing Company
  • 1921: headquarters - Duncan, Oklahoma
  • 1924: incorporation
  • 1948: New York Stock Exchange listing
  • 1957: acquisition of Welex Jet Services of Fort Worth, Texas
  • 1960: name shortened to Halliburton Company
  • 1961: headquarters - Dallas, Texas
  • 1962: acquisition of Brown and Root of Houston, Texas
  • 1988: acquisition of Geophysical Service Incorporated from Texas Instruments
  • 198?: acquisition of Geosource
  • 198?: Halliburton Logging Services
  • 1982: workforce - 115,000
  • 1982: energy industry decline
  • 1991: workforce - 73,000

1990s

  • In the aftermath of Operation Desert Storm in Kuwait in 1991, Halliburton crews helped bring 320 burning oil wells under control.
  • In the early 1990s Halliburton was found to be in violation of federal trade barriers in Iraq and Libya, having sold these countries dual-use oil drilling equipment and, through its former subsidiary, Halliburton Logging Services, sending six pulse neutron generators to Libya. After having pleaded guilty, the company was fined $1.2 million, with another $2.61 million in penalties.
  • In the Balkans conflict in the 1990s, KBR supported U.S. peacekeeping forces in Bosnia, Croatia and Hungary with food, laundry, transportation and other lifecycle management services.
  • In 1995 Dick Cheney became chairman and CEO
  • In 1998 Halliburton merged with Dresser Industries, which included Kellogg.


2000s

  • On 10 April 2001 the Dresser division (excluding the former Kellogg division) entered an agreement to separate itself once again from Halliburton by management purchasing its equity, the new company to be called Dresser Inc.
  • In 2001 it was reported by The Wall Street Journal that a subsidiary of Halliburton Energy Services called Halliburton Products and Services Ltd. opened an office in Tehran. The company, HPS, operated "behind an unmarked door on the ninth floor of a new north Tehran tower block." Although HPS was incorporated in the Cayman Islands in 1975 and is "non-American", it shares both the logo and name of Halliburton Energy Services and, according to Dow Jones Newswires offers services from Halliburton units world-wide through its Tehran office. Such behaviour, undertaken while Cheney was CEO of Halliburton, may have violated the Trading with the Enemy Act. A Halliburton spokesman, responding to inquiries from Dow Jones, said "This is not breaking any laws. This is a foreign subsidiary and no US person is involved in this. No US person is facilitating any transaction. We are not performing directly in that country." No legal action has been taken against the company or its officials.
  • In 2002, Judicial Watch, a public action lawfirm, filed suit on behalf of shareholders against Halliburton, its current and former directors, and its accounting firm, Arthur Andersen LLP and Arthur Andersen Worldwide, for alleged accounting irregularities, said to be profit inflation by accounting for cost overruns as revenue. The Securities and Exchange Commission investigated the same issue. Halliburton counters that the practice was approved by its accounting firm, Arthur Andersen, and conforms to generally accepted accounting practices. In August, 2004, Halliburton paid a $7.5 million fine to settle the issue.
  • In April 2002, KBR was awarded a $7 million contract to construct steel holding cells at Camp X-Ray. More recently, the subsidiary was awarded a no-bid contract to conduct oil well firefighting in Iraq worth an estimated $1 billion. In May 2003, Halliburton's role under contract with regard to Iraqi oilfields was expanded to include "operation of facilities and distribution of products". [1]
  • In May 2003, Halliburton revealed in a filing with the Securities and Exchange Commission that its KBR subsidiary had paid a Nigerian official $2.4 million in bribes in order to receive favorable tax treatment. [2] [3]
  • As of 2003, Halliburton was still operating in Iran. CNN, in a report entitled "US companies are operating in Iran despite sanctions," reported that a Halliburton spokesperson told the news agency that HPS helps Iran build oil rigs in the country's south.

Iraq Controversy

Wikinews has news related to this article: Civilians testify to Halliburton fraud, coercion

KBR has contracts in Iraq worth up to $18 billion, including a single no-bid contract known as "Restore Iraqi Oil" (RIO) which has an estimated worth of $7 billion.

Today KBR employ over 30,000 men and women in Iraq. Halliburton's work in Iraq is diverse and complicated. In addition to troop support, Halliburton also provides air traffic control support; produces 74 million gallons of water a month for consumption, hygiene and laundry; deploys as many as 700 trucks a day to deliver essentials to American forces; and provides firefighter and crash-rescue services, as well as working to restore Iraqi oil infrastructure.

Despite cronyism allegations, the company's contracts in Iraq are much less profitable than its core energy business. They are expected to have generated more than $13 billion in sales by the time they start to expire in 2006 but most offer low margins - less than 2% on average in 2003 and just 1.4% this year for the logistics work.

Halliburton is the only company mentioned by terrorist Osama bin Laden in an April 2004 tape where he claims that "this is a war [in Iraq] that is benefiting major companies with billions of dollars."

An audit of KBR by The Pentagon’s Defense Contract Audit Agency (DCAA) found $108 million in "questioned costs" and, as of mid-March 2005, said they still had "major" unresolved issues with Halliburton.

Dick Cheney ties

In recent years the company has become the center of many controversies involving the 2003 Iraq War and the company's ties to US Vice President Dick Cheney.

Bill Gertz, defense reporter for The Washington Times, wrote: "Vice President Dick Cheney was chief executive officer of Halliburton from 1995 until 2000, and Democrats repeatedly have tried to link the administration to claims of government favoritism toward the firm." [4].

Cheney retired from the company during the 2000 U.S. presidential election campaign with a severance package worth $20 million.

Cheney's deferred compensation from Halliburton, which appeared on Cheney's 2001 financial disclosure statement, generated an income between $50,000 to $100,000 for the vice president. Dick Cheney also retains 433,000 share-equivalent unexercised stock options at Halliburton.

On the question of Cheney's deferred compensation from Halliburton, officials of the Bush-Cheney campaign said that before entering office in 2001, Cheney bought an insurance policy that guaranteed a fixed amount of deferred payments from Halliburton each year for five years so that the payments would not depend on the company's fortunes. The officials also said he had promised to donate to charity any after-tax profits he made from exercising his stock options. These steps are not unusual for corporate executives who enter government.

Allegations of fraud

Allegations of fraud by Halliburton, specifically with regard to its operations in Iraq, have persisted since before the Iraq War. The associations between U.S. Vice President Dick Cheney and Halliburton, had led many to speculate with regard to improprieties and profiteering from the war.

On June 27, 2005, the Democratic Party held a public committee, aired on C-SPAN 3, at which former civilian employees based in or administering operations in Iraq, testified to specific instances of waste, fraud, and other abuses and irregularities by Halliburton and its subsidiary Kellogg, Brown and Root (KBR).

Among the senators and representatives present at the hearing were Byron Dorgan (presiding), Henry Waxman, Frank Lautenberg, and Mark Dayton.

Among those testifying were Bunny Greenhouse, former Chief Contracting Officer of the U.S. Army Corps of Engineers, Rory Mayberry, former Food Program Manager for Halliburton subsidiary, and Allan Waller, of the Lloyd-Owen International security and operations firm.

Greenhouse, who provided the bulk of testimony, spoke for several minutes about her involvement in the evaluation and crafting of government Army contracts, and explaining how her superiors undermined and dismissed her concerns of illegal business practices. "Ultimately my main was concern was the repeated insistence RIO contract be awarded to KBR without competitive bidding," Greenhouse said. She testified to have been given misinformation in answer to her complaints, saying she was "overtly misled."

Mayberry, still in Iraq, testified by video from questions prepared by the committee. He said that KBR routinely sold expired food rations to the Army.

The recorded interviewer asked, "Are you saying that Halliburton deliberately falsified the number of meals they prepared and then submitted false claims for reimbursement and that they did this to make up for past amounts auditors had disallowed?" Mayberry firmly answered "yes." He said that serving expired food rations was "an everyday occurrence, sometimes every meal." He also explained that Halliburton systematically overcharged for the number of meals as well, saying, "they were charging for 20,000 meals and they were only serving 10,000 meals." Dorgan later commented, "obviously there's no honor here, by a company that would serve outdated food to our troops in Iraq."

Mayberry also claimed would-be whistleblowers were threatened "to be sent to Falluja" and other "places under fire" if they talked to media or governmental oversight officials. In 2003 and 2004, Falluja had been well known as dangerous for foreign troops and civilians. "I personally was sent to Falluja for three weeks. The manager told me that I was being sent away until the auditors were gone, because I had talked to the auditors," Mayberry said.

"The threat of being sent to a camp under fire was their way of keeping us quiet. The employees who talked to auditors were sent to camps under more fire than other camps, and Anaconda." This report led Dorgan and others to voice considerable outrage.

Allan Waller testified to specific examples of how KBR officials had conspired in blocking of Lloyd-Owen fuel transports, and using other coersive means against is competitor. British based Lloyd-Owen has a direct contract with the Iraq government to provide fuel to various parts of the country.

In his introductory remarks, Dorgan explained that Senate Republicans had blocked any attempts at having a formal bi-partisan hearing, resulting in a separate committee.


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In his introductory remarks, Dorgan explained that Senate Republicans had blocked any attempts at having a formal bi-partisan hearing, resulting in a separate committee. Recently, Bombardier have faced pressure from the media and their own shareholders over their involvement with the People's Republic of China government on projects including the controversial Qingzang Railway line into Tibet, to which they are providing passenger carriages. British based Lloyd-Owen has a direct contract with the Iraq government to provide fuel to various parts of the country. federal government to deny funding for a US$400 million extension of the system, which finally reopened on December 24, 2004. Allan Waller testified to specific examples of how KBR officials had conspired in blocking of Lloyd-Owen fuel transports, and using other coersive means against is competitor. These problems led the U.S. The employees who talked to auditors were sent to camps under more fire than other camps, and Anaconda." This report led Dorgan and others to voice considerable outrage. It had been hoped that the privately-funded system would be a first by being the only public transit system in the United States to operate without a deficit, but it reportedly lost US$85,000 per day while closed.

"The threat of being sent to a camp under fire was their way of keeping us quiet. The system opened late, and after only a month of operation it was shut down for another four months due to mechanical problems. The manager told me that I was being sent away until the auditors were gone, because I had talked to the auditors," Mayberry said. Bombardier's reputation may have been tarnished in the western United States by their association with the financially ambitious Las Vegas Monorail system. "I personally was sent to Falluja for three weeks. The government of Canada provided a large interest rate subsidy for the financing that made possible Bombardier's sale of metro trains to the New York City Subway. In 2003 and 2004, Falluja had been well known as dangerous for foreign troops and civilians. To give a few examples: It obtained tremendous sums in indirect ways from the United Kingdom when it acquired Short Brothers of Belfast, and modest but important incentives from the state of Vermont when it opened an assembly plant there.

Mayberry also claimed would-be whistleblowers were threatened "to be sent to Falluja" and other "places under fire" if they talked to media or governmental oversight officials. As is the practice with all aerospace companies, Bombardier's management aggressively seek out state support in every country in which they have plants, and often obtain it, in the form of direct subsidies, tax cuts, free land, previous debt erasure, or other forms. The recorded interviewer asked, "Are you saying that Halliburton deliberately falsified the number of meals they prepared and then submitted false claims for reimbursement and that they did this to make up for past amounts auditors had disallowed?" Mayberry firmly answered "yes." He said that serving expired food rations was "an everyday occurrence, sometimes every meal." He also explained that Halliburton systematically overcharged for the number of meals as well, saying, "they were charging for 20,000 meals and they were only serving 10,000 meals." Dorgan later commented, "obviously there's no honor here, by a company that would serve outdated food to our troops in Iraq.". Recently Bombardier opened a engineering design agreement with an Indian company which, critics say, goes against the whole concept of Canadian taxpayers supporting local businesses. He said that KBR routinely sold expired food rations to the Army. Some business analysts believe that Bombardier's subsidies should be made conditional upon the company eliminating a share structure which they say gives the founder's family a disproportionate amount of control given their financial holdings. Mayberry, still in Iraq, testified by video from questions prepared by the committee. Some Canadians object to such amounts of money being given to a private for-profit company, but the government argues that they create many jobs and that Bombardier would never have become an integral part of the Canadian economy without subsidies.

She testified to have been given misinformation in answer to her complaints, saying she was "overtly misled.". They have been described as corporate welfare and accused of violating free trade agreements, especially by Brazil, which has complained internationally about them; Canada and Bombardier have countered by denouncing Brazil's direct and indirect subsidies to Embraer, their own major aircraft manufacturer and one of Bombardier's principal competitors in the regional jet market. "Ultimately my main was concern was the repeated insistence RIO contract be awarded to KBR without competitive bidding," Greenhouse said. Bombardier has been criticised in Canada and abroad over the subsidies it receives from various levels of government. Greenhouse, who provided the bulk of testimony, spoke for several minutes about her involvement in the evaluation and crafting of government Army contracts, and explaining how her superiors undermined and dismissed her concerns of illegal business practices. Depending on how one defines industrial activities, it is sometimes considered the largest in the world in this category. Army Corps of Engineers, Rory Mayberry, former Food Program Manager for Halliburton subsidiary, and Allan Waller, of the Lloyd-Owen International security and operations firm. In 2001 Bombardier Transportation acquired Adtranz, making it the second largest manufacturer of railway rolling stock in the world.

Among those testifying were Bunny Greenhouse, former Chief Contracting Officer of the U.S. The actual conversion is carried out by Raytheon. Among the senators and representatives present at the hearing were Byron Dorgan (presiding), Henry Waxman, Frank Lautenberg, and Mark Dayton. However it continues to participate in military contracts in other countries, such as in the United Kingdom, with the ASTOR (Airborne Stand-Off Radar) conversion of the long range Challenger Global Express jet. On June 27, 2005, the Democratic Party held a public committee, aired on C-SPAN 3, at which former civilian employees based in or administering operations in Iraq, testified to specific instances of waste, fraud, and other abuses and irregularities by Halliburton and its subsidiary Kellogg, Brown and Root (KBR). With the latest restructuring the company sold off nearly all of its military related work in Canada. Vice President Dick Cheney and Halliburton, had led many to speculate with regard to improprieties and profiteering from the war. They were, until recently, a major Canadian defence contractor.

The associations between U.S. Bombardier also provided seller-arranged financing to allow Amtrak to lease the trainsets rather than purchasing them outright as the railroad had previously done. Allegations of fraud by Halliburton, specifically with regard to its operations in Iraq, have persisted since before the Iraq War. rail car assembly facility in Barre, Vermont. These steps are not unusual for corporate executives who enter government. government "Buy American" regulations, final assembly of these trains was performed at Bombardier's U.S. The officials also said he had promised to donate to charity any after-tax profits he made from exercising his stock options. To meet U.S.

On the question of Cheney's deferred compensation from Halliburton, officials of the Bush-Cheney campaign said that before entering office in 2001, Cheney bought an insurance policy that guaranteed a fixed amount of deferred payments from Halliburton each year for five years so that the payments would not depend on the company's fortunes. This is the first high-speed rail line in North America, running at a top speed of 240 km/h (150 mi/h). Dick Cheney also retains 433,000 share-equivalent unexercised stock options at Halliburton. Bombardier provided carbody design and tilting mechanisms from its LRC ("Light Rapid Comfortable") line of passenger trainsets, and integrated a variant of Alstom's TGV propulsion system. Cheney's deferred compensation from Halliburton, which appeared on Cheney's 2001 financial disclosure statement, generated an income between $50,000 to $100,000 for the vice president. The train runs between Boston, New York City and Washington, DC. presidential election campaign with a severance package worth $20 million. Bombardier Transportation also leads the development and production of the Acela Express train in a 75%–25% arrangement with Alstom.

Cheney retired from the company during the 2000 U.S. Bombardier is a UK Notified Body, under The Railways (Interoperability) (Notified Bodies) Regulations 2000, in one TSI area: rolling stock. Bill Gertz, defense reporter for The Washington Times, wrote: "Vice President Dick Cheney was chief executive officer of Halliburton from 1995 until 2000, and Democrats repeatedly have tried to link the administration to claims of government favoritism toward the firm." [4]. They were part of a major consortium in the construction of the Eurotunnel railway cars, and also built new metro trains for a wide range of customers including the Toronto Transit Commission, the Commission de transport de la Communauté urbaine de Montréal, and the New York City Transit Authority (R62A, R142), and developed the Las Vegas Monorail system. In recent years the company has become the center of many controversies involving the 2003 Iraq War and the company's ties to US Vice President Dick Cheney. They are one of the companies which took over British Rail's R&D facilities after privatisation (the remainder largely being absorbed into AEA Technology and Alstom). An audit of KBR by The Pentagon’s Defense Contract Audit Agency (DCAA) found $108 million in "questioned costs" and, as of mid-March 2005, said they still had "major" unresolved issues with Halliburton. They also built the Croydon Tramlink and Nottingham Express Transit trams and parts of Alstom's Eurostar trains.

Halliburton is the only company mentioned by terrorist Osama bin Laden in an April 2004 tape where he claims that "this is a war [in Iraq] that is benefiting major companies with billions of dollars.". They built the Class 170 Turbostar and Class 357/375/376/377 Electrostar trains which are widely used throughout Britain. They are expected to have generated more than $13 billion in sales by the time they start to expire in 2006 but most offer low margins - less than 2% on average in 2003 and just 1.4% this year for the logistics work. Bombardier acquired the assets and designs of American Locomotive Company/Montreal Locomotive Works, who continued in the locomotive business until 1985. Despite cronyism allegations, the company's contracts in Iraq are much less profitable than its core energy business. This section started to grow important in the mid-1990s in the renaissance of tramways or 'light-rail transit'. In addition to troop support, Halliburton also provides air traffic control support; produces 74 million gallons of water a month for consumption, hygiene and laundry; deploys as many as 700 trucks a day to deliver essentials to American forces; and provides firefighter and crash-rescue services, as well as working to restore Iraqi oil infrastructure. In 1970, Bombardier acquired the Viennese company Lohner-Rotax, a manufacturer of snowmobile engines and tramways, and thus became involved in rail business.

Halliburton's work in Iraq is diverse and complicated. In 2003 it spun off as a separate company the Bombardier Recreational Products division, whose snowcats and snowmobiles had been the origin of the company. Today KBR employ over 30,000 men and women in Iraq. The aerospace arm, Bombardier Aerospace, accounts for over half of the company's revenue and is reportedly the third-largest aircraft manufacturer in the world behind the giants Boeing and Airbus. KBR has contracts in Iraq worth up to $18 billion, including a single no-bid contract known as "Restore Iraqi Oil" (RIO) which has an estimated worth of $7 billion. Besides the Challenger and Global business jets, in 1990 Bombardier acquired the Learjet Company of Wichita, Kansas, builder of the Learjet business aircraft.
. Bombardier became a leading manufacturer of business jets, regional aircraft, and trains.

Halliburton first tried to find work cementing oil wells in Burkburnett, Texas then moved their business (New Method Oil Well Cementing Company) to the Healdton field near Ardmore, Oklahoma. Under the management of Laurent Beaudoin, Bombardier's son-in-law, the company took over the Canadian government-owned Canadair aircraft manufacturing company in Montreal that had recorded the largest corporate loss in Canadian business history. Erle P. He was able to overcome these obstacles through sheer determination and inventiveness. and Mrs. During his lifetime the province of Québec had been economically dominated by the top anglophone businessmen and socially by the Catholic Church, with very limited opportunities for francophone businesspeople. Mr. By the time of his death sales of the company had reached C$20 million, which is the equivalent of C$160 million in 2004 dollars.

Analysts at Deutsche Bank value KBR at up to $2.15 billion, while others believe it could be worth closer to $3 billion by the time management decides what to do with the business in 2005. He had a unique ability for an inventor which was to parlay his inventions into a successful business. At a meeting for investors and analysts in August 2004, a plan was outlined to divest the KBR division through a possible sale, spin-off or initial public offering. Joseph had the ability to overcome great odds in his life to develop a company that laid a solid foundation for the creation of a transportation giant. a year from 2002 through 2004. Distribution networks were improved and increased, and an incentive program was developed for sales staff. As a result of the asbestos-related costs, Halliburton lost approximately $900 million U.S. The company adopted the latest technological innovation—the computer—to handle inventory, accounts, and billing.

Asbestos-related litigation from the Kellogg acquisition caused the company to book over $4.0 (billion U.S.) in losses from 2002 through 2004. The young team reorganized and decentralized the company, adopting modern business tactics. KBR is a major international construction company, which is a highly volatile undertaking subject to wild fluctuations in revenue and profit. Now the younger generation took over and was led by Armand's sons and sons-in-law. Kellogg division of Dresser (which Dresser had merged with in 1988). He controlled the small research department, making all the drawings himself. With the acquisition of Dresser Industries in 1998, the Kellogg-Brown & Root division (in 2002 renamed to KBR) was formed by merging Halliburton's Brown & Root (acquired 1962) subsidiary and the M.W. Armand dominated his company, overseeing all areas of operation.

This business continues to be profitable, and the company is a world leader in this industry; Schlumberger is the company's closest competitor. He left behind a thriving business, but also one that had been focused on one person. Energy Services, the company's historical bedrock, includes: drilling & formation evaluation, digital & consulting solutions, production volume optimization, and fluid Systems. Armand Bombardier died of cancer at age 56. . On February 18, 1964, J. The KBR group is a major construction company of mainly refineries, oilfields & pipelines, and chemical plants. Armand slowed down promotion of Ski-Doo to prevent it from dominating the other products.

The Energy Services Group provides technical products and services for oil and gas exploration and production. He vividly remembered his earlier business setbacks that forced him to diversify. FY 2004) and over 95,000 employees, Halliburton operates in two major business segments. But Armand was reluctant to focus too much on the Ski-Doo and move resources away from his all-terrain vehicles. With revenues exceeding $20.46 (billion U.S. In the first year, Bombardier sold 225 Ski-Doos; four years later, 8,210 are sold. Halliburton Energy Services NYSE: HAL is a multinational corporation based in Houston, Texas. Suddenly a new winter sport was born, centred in Quebec.

CNN, in a report entitled "US companies are operating in Iran despite sanctions," reported that a Halliburton spokesperson told the news agency that HPS helps Iran build oil rigs in the country's south. But the public soon discovered the speedy vehicles that can zoom over snow were a lot of fun. As of 2003, Halliburton was still operating in Iran. The Ski-Doo was originally called the Ski-Dog because Bombardier meant it to be a practical vehicle to replace the dogsled for hunters and trappers. [2] [3]. Armand Bombardier. In May 2003, Halliburton revealed in a filing with the Securities and Exchange Commission that its KBR subsidiary had paid a Nigerian official $2.4 million in bribes in order to receive favorable tax treatment. The Ski-Doo became an instant hit but not for the reasons imagined by J.

[1]. Armand and Germain developed several prototypes of the lightweight snowmobile and finally the first Ski-Doo went on sale in 1959. In May 2003, Halliburton's role under contract with regard to Iraqi oilfields was expanded to include "operation of facilities and distribution of products". He worked alongside his eldest son Germain, who shared his father's mechanical talents. More recently, the subsidiary was awarded a no-bid contract to conduct oil well firefighting in Iraq worth an estimated $1 billion. Armand resumed his efforts to build a 'miniature' snowmobile. In April 2002, KBR was awarded a $7 million contract to construct steel holding cells at Camp X-Ray. But by the end of the decade, smaller, more efficient engines had been developed and were starting to come on the market.

In August, 2004, Halliburton paid a $7.5 million fine to settle the issue. In the early 1950s, Armand set aside his dream to focus on developing his company's other tracked vehicles. Halliburton counters that the practice was approved by its accounting firm, Arthur Andersen, and conforms to generally accepted accounting practices. He worked tirelessly on his idea but always found the engine too heavy for the vehicle. The Securities and Exchange Commission investigated the same issue. But Armand was not satisfied with the status quo and dreamt of developing a fast, lightweight snowmobile (the Ski-Doo) that could carry one or two people. In 2002, Judicial Watch, a public action lawfirm, filed suit on behalf of shareholders against Halliburton, its current and former directors, and its accounting firm, Arthur Andersen LLP and Arthur Andersen Worldwide, for alleged accounting irregularities, said to be profit inflation by accounting for cost overruns as revenue. By the late 1940s, the quiet French Canadian had survived several setbacks and had a modestly successful small business centred in Québec.

We are not performing directly in that country." No legal action has been taken against the company or its officials. Bombardier was an inventor who never rested. No US person is facilitating any transaction. Armand decided to diversify his business and make all-terrain vehicles for the mining, oil, and forestry industries. This is a foreign subsidiary and no US person is involved in this. In 1948 the Quebec government passed a law requiring all highways and local roads to be cleared of snow; Bombardier's sales fell by nearly half in one year. A Halliburton spokesman, responding to inquiries from Dow Jones, said "This is not breaking any laws. After the war, Armand experienced another setback in his snowmobile business.

Such behaviour, undertaken while Cheney was CEO of Halliburton, may have violated the Trading with the Enemy Act. To keep his business going, Armand switched gears and developed vehicles for the military. The company, HPS, operated "behind an unmarked door on the ninth floor of a new north Tehran tower block." Although HPS was incorporated in the Cayman Islands in 1975 and is "non-American", it shares both the logo and name of Halliburton Energy Services and, according to Dow Jones Newswires offers services from Halliburton units world-wide through its Tehran office. Suddenly, Bombardier customers had to prove that snowmobiles were essential to their livelihood in order to buy one. opened an office in Tehran. Then a major setback hit the growing business: the Second World War was well underway and the Canadian government issued wartime rationing regulations. In 2001 it was reported by The Wall Street Journal that a subsidiary of Halliburton Energy Services called Halliburton Products and Services Ltd. In 1941, Armand opened a large new factory in Valcourt.

On 10 April 2001 the Dresser division (excluding the former Kellogg division) entered an agreement to separate itself once again from Halliburton by management purchasing its equity, the new company to be called Dresser Inc. His invention served a very real necessity and soon business was booming. In 1998 Halliburton merged with Dresser Industries, which included Kellogg. Snowmobiles are used in rural Quebec to take children to school, to carry freight, to deliver mail, and as ambulances. In 1995 Dick Cheney became chairman and CEO. The first snowmobiles were large, multi-passenger vehicles designed to help people get around during the long winter months. peacekeeping forces in Bosnia, Croatia and Hungary with food, laundry, transportation and other lifecycle management services. Armand Bombardier never intended his snowmobile invention to be fun.

In the Balkans conflict in the 1990s, KBR supported U.S. J. After having pleaded guilty, the company was fined $1.2 million, with another $2.61 million in penalties. In 1937, Armand sold 12 snowmobiles—named the B7—and opened the company l'Auto-Neige Bombardier Limitée five years later. In the early 1990s Halliburton was found to be in violation of federal trade barriers in Iraq and Libya, having sold these countries dual-use oil drilling equipment and, through its former subsidiary, Halliburton Logging Services, sending six pulse neutron generators to Libya. His big breakthrough came in the mid-1930s when he developed a drive system that would revolutionise travel in snow and swamp. In the aftermath of Operation Desert Storm in Kuwait in 1991, Halliburton crews helped bring 320 burning oil wells under control. Undeterred, Armand kept working on his idea while he earned a living as an auto mechanic.

1991: workforce - 73,000. He and his brother drove the noisy contraption through Valcourt before their father ordered them to stop. 1982: energy industry decline. At 15, Armand designed and built his first snow vehicle which was basically a large sleigh powered by a Ford Model T engine with a wooden airplane propeller at the back. 1982: workforce - 115,000. As he grew older, Armand dreamt of building a vehicle that could glide over snow—a fitting goal for a boy growing up in rural Valcourt. 198?: Halliburton Logging Services. He was only 10 years old when he took a cigar box and a broken alarm clock and made a working model of a tractor.

198?: acquisition of Geosource. Born in 1907, Joseph-Armand Bombardier showed a genius for tinkering early in life. 1988: acquisition of Geophysical Service Incorporated from Texas Instruments. Bombardier changed the way we travel over snow and he established a Canadian manufacturing giant along the way. 1962: acquisition of Brown and Root of Houston, Texas. Over the years, Bombardier continued to perfect his dream and found that winter-bound Canadians were eager to come along for the ride. 1961: headquarters - Dallas, Texas. In 1937, the first snowmobile rolled out of his small repair shop in Valcourt, Quebec.

1960: name shortened to Halliburton Company. Joseph-Armand Bombardier was a shy, determined mechanic who dreamed of building a vehicle that could 'float on snow'. 1957: acquisition of Welex Jet Services of Fort Worth, Texas. . 1948: New York Stock Exchange listing. Number of employees (as at January 31, 2004). 1924: incorporation. Fields of Activity.

1921: headquarters - Duncan, Oklahoma. Corporate Headquarters. 1920: reorganized - Halliburton Oil Well Cementing Company. Its headquarters are in Montréal, Québec, Canada. It is a large manufacturer of regional aircraft, business jets, and railway cars. See International Phonetic Alphabet." class="IPA" style="white-space: nowrap; font-family:'Code2000', 'Chrysanthi Unicode', 'Doulos SIL', 'Gentium', 'GentiumAlt', 'TITUS Cyberbit Basic', 'Bitstream Vera', 'Bitstream Cyberbit', 'Arial Unicode MS', 'Lucida Sans Unicode', 'Hiragino Kaku Gothic Pro'; font-family /**/:inherit; text-decoration: none">/bɑmˈbɑrdi.eɪ/) (TSX: BBD.SV.B) (TSX: BBD.MV.A), a Canadian company, was founded by Joseph-Armand Bombardier as L'Auto-Neige Bombardier Limitée in 1942, at Valcourt in the Eastern Townships, Québec.

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