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Archive for Monday, March 12, 2007

Halliburton moves headquarters to Dubai

March 12, 2007

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— Oil services giant Halliburton Co. soon will shift its corporate headquarters from Houston to the Mideast financial powerhouse of Dubai, chief executive Dave Lesar announced Sunday.

"Halliburton is opening its corporate headquarters in Dubai while maintaining a corporate office in Houston," spokeswoman Cathy Mann said in an e-mail to The Associated Press. "The chairman, president and CEO will office from and be based in Dubai to run the company from the UAE."

Lesar, speaking at an energy conference in nearby Bahrain, said he will relocate to Dubai from Texas to oversee Halliburton's intensified focus on business in the Mideast and energy-hungry Asia, home to some of the world's most important oil and gas markets.

"As the CEO, I'm responsible for the global business of Halliburton in both hemispheres, and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world," Lesar said. "Yes, I will spend the majority of my time in Dubai."

Lesar's announcement appears to signal one of the highest-profile moves by a U.S. corporate leader to Dubai, an Arab boomtown where free-market capitalism has been paired with some of the world's most liberal tax, investment and residency laws.

"The eastern hemisphere is a market that is more heavily weighted toward oil exploration and production opportunities, and growing our business here will bring more balance to Halliburton's overall portfolio," Lesar said.

In 2006, Halliburton - once headed by Vice President Dick Cheney - earned profits of $2.3 billion on revenues of

$22.6 billion.

More than 38 percent of Halliburton's $13 billion oil field services revenue last year stemmed from sources in the eastern hemisphere, where the firm has 16,000 of its 45,000 employees.

Cheney was Halliburton's chief executive from 1995-2000, and the Bush administration has been accused of favoring the conglomerate with lucrative no-bid contracts in Iraq.

Federal investigators last month alleged Halliburton was responsible for $2.7 billion of the $10 billion in contractor waste and overcharging in Iraq.

Halliburton last month announced a 40 percent decline in fourth-quarter profit, despite heavy demand for its oil field equipment and personnel.

Comments

Richard Heckler 7 years, 9 months ago

The mideast oil rip off must be well underway which likely will only feed the mideast patriots to do what is necessary to defend THEIR natural resources. The world truly does not need more oil as we need to be cutting back so why is Bush spending so much TAX money taking over the mideast oil fields which is fueling a civil war?

Considering USA corporate oil giants are setting up shop abroad proably means taxpayers will be receiving multi billion invoices for protection of USA special interest. Our soldiers are NEVER coming home. You know it just might be more sensible to buy the oil instead of claiming it as USA oil?

As of now there are approximately 153,000 dead or disabled soldiers. To date 150,000 are drawing disability pay each month forever and cannot return to active duty.

Where will additional soldiers come from....your home?

===============================

http://www.guardian.co.uk/Iraq/Story/0,2763,1681119,00.html

http://www.guardian.co.uk/commentisfree/story/0,,2030015,00.html

Flap Doodle 7 years, 9 months ago

Yeah, the Guardian again. copy/paste, copy/paste.

bearded_gnome 7 years, 9 months ago

ZZZ2zzz

Merrill's post is just about completely off topic. I always have to laugh when the left fringies make Halliburton out to be the heart of darkness!

V.P. Cheney already made his millions, has a retirement plan and it doesn't matter to his bottom line whether Halliburton makes more money.
halliburton got no-bid contracts under clintonia, and Halliburton is able to do things no other company can do from oil fields to serving our troops. yes, they did slip up a few times, but no charges filed, no crimes.

painting halliburton as the heart of darkness is as pathetic as Hillary with a fake southern/black accent.

Flap Doodle 7 years, 9 months ago

cool, it ain't exactly like they are slipping out under the cover of darkness without leaving a forwarding address. They will still be doing a lot of business in the US.

Dorothy Hoyt-Reed 7 years, 9 months ago

They won't have to pay corporate taxes over there as well. They recieve a lot of our tax money, now they don't have to pay taxes. What a scam.

Flap Doodle 7 years, 9 months ago

Didn't U2 do something similar recently? What a scamp that Bono is.

prioress 7 years, 9 months ago

This is priceless; I'm glad there are no tax implications. Just a little old office move to get closer to the action.

paladin 7 years, 9 months ago

The snakes in the grass will now be snakes in the sand. Slithering out of town before the heat of high noon comes down and the new sheriff rides into town to lay down the law. On a donkey? No taxes, much more gold. Black gold, too, Texas-T. Loyalty and patriotism? Not worth an ounce. Perhaps there's another way to stomp on the snakes. Another time.

bthom37 7 years, 9 months ago

bearded_gnome: yes, they did slip up a few times, but no charges filed, no crimes.

That's good logic there!

bearded_gnome 7 years, 9 months ago

Hey Marion, for that link, that was classic! yes, there are obviously some on here who either don't have theirs, or aren't deploying them properly. Or [whispers] maybe Halliburton made their foil hats purposely flawed! now, there's a scandal!


Posted by Obamillary ( anonymous) on March 12, 2007 at 10:41 a.m. ( Suggest removal)

Is Merrill a left wing computer software program that spams the forum with nonsensical left wing propoganda?

LMAO!

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