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BRIEF: Oilfield juggernaut Halliburton reported yesterday that it nearly doubled profits, and this in a quarter when Halliburton took a beating internationally due to the Middle East war and political disorder in OPEC member country Venezuela. Halliburton net profits this quarter were $43 million, while last quarter it reported income of $22 million. Last month's highlight for Halliburton came when the U.S. Army Corps of Engineers gave the Defense Department contract to fight oil well fires in Iraq to a Halliburton subsidiary company, as well as help clean up Iraq in the war's aftermath. This 2-year contract has received scrutiny since Vice-President Dick Cheney had been Halliburton CEO from 1995 to 2000, at the time when Cheney was then tapped to run for Vice President to President George Bush. Halliburton Chief Financial Officer stated that they are almost finished providing financial information to the Securities Exchange Commission which is currently investigating Halliburton accounting and financial practices when Vice-President Cheney was at the top of Halliburton's chain of command. This past December, Halliburton agreed to pay $4 billion to settle asbestos claims in court while they continue to work for a global settlement and await possible federal legislation to help them out. Four years ago, Halliburton bought Dresser Industries Inc., and subsequently took over the company's nearly 300,000 asbestos lawsuits and trials. Charles Snider, KPFT News, Houston. E-mail Charles Snider at charles@77002.com . This story was broadcast on April 30, 2003. |