Halliburton swings to $1.1 billion profit, cites 2005 as company's best

[sabra]

http://www.signonsandiego.com/news/business/20060126-1745-earns-halliburton.html

Halliburton swings to $1.1 billion profit, cites 2005 as company's best


DALLAS – Oilfield services conglomerate Halliburton Co. swung to a profit in its fourth quarter on robust sales and increased rig activity, and called last year the best in its 86-year history.

..

“They were really helped by the oilfield business being so good and taking advantage of energy being in the upcycle,” Tillery said.

Revenue at KBR, Halliburton's engineering and construction division, fell 3 percent to $3 billion, which the company said resulted from reduced military work in Iraq.

“It was less of a decline that we expected, so Iraq was really in line of how we modeled it,” Tillery said.

[henslee]

1. Shocking, isn't it?

[AuntiBush]

40. Utterly...

[TaleWgnDg]

56. Oh, wow, how utterly surprising!! Shocking, indeed!!

.

.

[Luke Nichols]

65. WEF: Oil could go to $260 a Barrel

World Economic Forum: Oil could go as high as $260 a Barrel

http://truth4you.no-ip.org/News/news.html

This will destroy the World Economy, just as Dr. Tatyana Koryagina, Vladmir Putin's Economic Advisor predicted:

http://truth4you.no-ip.org/tat.html

Luke Nichols

[Gregorian]

2. Without war/Bush they'd be just another company.

Let's have a war. Jack up the Dow Jones.

[wordpix2]

7. I think they used to be in---oil services. Humble start until Dickhead

took over

[Raster]

12. they were on the verge of bankruptcy before hiring darth crashcart

as CEO, a man with NO, NONE, NON, NYET oil experience whatsoever. Guess that hire paid off, eh?

[RobertSeattle]

32. That's always been my point too

Halliburton hired Cheney - a CAREER DC insider to run a Fortune 500 firm - someone with absolutely no private sector experience. It's kind of like hiring a failed, incompetent businessman from Texas to run the country, but I digress.

[TaleWgnDg]

57. Yup! Republican war machine . . . what did Eisenhower (R) say?

.
Yup! Republican war machine . . . what did Eisenhower (R) say about the "huge industrial and military complex" in America?

"In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.

We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together."

5-star WW2 General and President Dwight David Eisenhower's farewell speech to America, 1960.
http://coursesa.matrix.msu.edu/~hst306/documents/indust.html

.

[snacker]

3. Gosh, what a surprise!-------NOT!!!!!

[TheCowsCameHome]

4. I'm stunned. They were such humble folks, just barely getting by.

[Webster Green]

5. Profits increase when you don't have to actually do anything....

Halliburton is the biggest rip-off of tax money. They get billions, and do nothing because oversight is non-existant.

US Treasury is being siphoned off into Cheney's accounts. That is the main goal of the US government now.

[mitchum]

30. You're right; the main goal of bushco IS to loot the public treasury

they are not so much crazed ideologues, but rather just crooks and embezzlers

[rodeodance]

6. Blood in the Boardroom--on the stakeholders, in the hallways etc

[wordpix2]

9. some of those profits should be going to Imus' Fallen Heroes fund

and Walter Reed Hospital.

Hear me, you F*&$%&** neoCon robber barons?

[MissWaverly]

8. weren't they on the verge of bankruptcy as Cheney became VP

I seemed to remember that when reading Worse than Watergate

[stillcool]

13. Asbestos related lawsuits...

from some comapany's they'd purchased?...

[Bozita]

36. Congress is about to take care of that asbestos liability

Tonight, I saw the first kill-the-asbestos-lawsuits ad in months. It was a NEW one. In it, senior vets want us to contact our Congresspersons. Tell 'em to git rid of them pesky lawsuits instigated by them trial lawyers.

I'm guessing the asbestos forgiveness bill will soon appear on the floor of the House.

For those unaware of Dresser Industries and its purchase by Halliburton, here's a pretty good quickie rehash:
http://atimes.com/atimes/Global_Economy/GK05Dj01.html

[eppur_se_muova]

53. Bush mentioned asbestos liabilities in his last SOTU...

and most listeners reacted with WTF??? Thousands of workers facing early death from epithelioma (IIRC) is what concerns most people. The fact that the lying bastards who said there was no danger from asbestos may have to pay for it is what brought the tears to **'s eyes.

[0007]

66. 'Tis the Eric Cartman way of saying, "I'm sorry"

God what a way to start a Sunday morning. Reading about the assholes that have screwed ya over first class and the profit margin of the oil companies, Halliburton, and a reminder that The Carlyle Group is right up there at the top counting our money.

[MissWaverly]

55. Quote on Halliburton status from Worse that Watergate

Page 52 In the fact, the 117,000 pending asbestos claims were (and remain) a financial disaster for Halliburton. This problem, when the truth became known, sent the company's stock plummeting. According to SEC filings, since Cheney's departure, Dresser's asbestos
claims are going to cost Halliburton an estimated $3.4 billion. If Cheney was not aware of the problem he was sitting on as Chair of Halliburton, he is not half as smart as people give him credit for.

[Tight_rope]

63. Yes...many lawsuits from Dresser- Rand...that company Cheney

made them buy.

http://www.enquirer.com/editions/2002/09/02/fin_cheney_left.html

Cheney left Halliburton holding asbestos bag

The Associated Press
DALLAS — In its first 75 years, Halliburton Co. grew to become a critical cog in the oil industry and a presence in construction circles, even as it remained unknown to most Americans. The company's profile has risen considerably since 1995, when it picked Dick Cheney as its top executive — but not always by choice.

Halliburton has been in the news often this year, mostly for the wrong reasons. It lost $476 million through June. It is under attack from disgruntled investors who have seen the value of Halliburton's stock fall more than 70 percent since Cheney left in August 2000.

The stock price collapsed under the weight of falling energy prices, accusations of shady accounting and lawsuits over asbestos.

David Lesar, who took over the helm at Halliburton when Cheney left to become vice president, says the company's problems have been overstated. He predicts that higher energy prices will lift the company's fortunes.

[htuttle]

10. "But all in all, it's been another fabulous year for Laura and me"

[spindrifter]

11. I'll just bet that oilfield business

was hot last year.
Last night I posted about H*burton's sophisticated cousin, the Carlyle Group:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=2392672&mesg_id=2392672

Then I was thinking, gee, I wonder if Carlyle got to buy QinetiQ cheap because we gave so many defense contracts for "security" work in Iraq to British firms like Aegis, Armour, the Olive Group and so forth.

[Jdubb32]

14. Halliburton is also using off-shore subsidiaries to avoid

United States taxes. Stealing even more money from americans, not to mention the money that was supposed to be used in iraq that they cant account for.

[spindrifter]

15. Somewhere there are H*burton executives

running about with backpacks full of U.S. money.

[Jdubb32]

17. i hope they pinch their sciatic nerve!!!

[cyberpj]

27. And not enough Americans fully understand that. Welcome to DU!

:hi:

[wordpix2]

31. That really burns me. Where is an investigation for THAT? F*%$$* Repukes

[enough]

16. The Iraq war is proving to be a greater success

than anyone could have imagined.

[Cassandra]

18. Well, when we need to find our tax money to help pay...

the deficit, at least we'll know where it is.

[xiamiam]

19. pitiful...and disgusting that this is happening in this way..out in the

open..under everyones noses ..and they dont give a shit....cheney is involved in the most criminal robbery in the history of my life...and it irks me that this keeps getting reported and not a damn thing is done about it..where are the criminal charges after the hearings....where IS Bunny Greenhouse now?

[PinkyisBlue]

60. Bunny Greenhouse

I read that she has either been fired or redirected to a different (low level)position, I can't remember which.

Our tax money and the lives of American soldiers are given freely to companies like Halliburton, so they can continue to rake in hugh profits.

[spindrifter]

20. How much Gulf Coast reconstruction

would the H*burton profits pay for? If the government can seize some N.J. homes for "development" purposes to benefit a larger community, then why don't we seize the wealth of the war profiteers who crapped all over the people of the U.S. Gulf states while they tripped over their own feet on the way to the bank.

[TNC4DNC]

21. Sooo.. when is the party for Cheney???

When is the gigantic formal ball that Halliburton is going to throw Cheney to thank him for all the no-bid contracts that lead to this record breaking cash bonanza!!! Surely they can't let another year go by without honoring him in front of hundreds of Repugs??? That is the least they could do for the billions they made.... oh wait.... someone just whispered to me that he is getting money from them anyway, under the table of course. Wheewww... I would hate for him to actually have to imagine what the poor house might be like. :sarcasm:

[xiamiam]

23. and dont forget the stock options which he says he is going to

donate to charity...worth around one quarter million at the beginning of the war..worth around 8 million today...thats fucked

[TNC4DNC]

64. I didn't even think about that.

MO Money MO Money MO Money!!!!!

[cyberpj]

22. 'demonstrates our customers' willingness to pay a premium for expertise'

“This demonstrates our customers' willingness to pay a premium for our technological expertise that results in accelerated production rates,” Dave Lesar, Halliburton's CEO, said in a statement.


And contaminated water.

[xiamiam]

25. what kind of customer willingness is there on endless no bid insider

contracts?..it doesnt matter if we are willing to continue with this crap or ot...they keep getting contracts...

[cyberpj]

26. and only one customer - our US government. nt

[wordpix2]

33. US military are paying for Follyburden's expertise drinking polluted H2O

in Iraq---but the company gets a $383 billion contract soon after this is publicized.

If that's not grounds for impeachment, I don't know what is.

FILIBUSTER TO TELL THE SLEEPING PEOPLE

[mitchum]

24. Welfare Queens

I want my $$$$$$$$$$$$$$ back

[mitchum]

28. self-delete (replied to wrong post)

[spacelady]

29. They don't even try to hide the sheer mendacity. n/t

[wordpix2]

34. I think you mean "audacity"

[spacelady]

62. Audacity is accurate; so is "Mendacity" = Audacious Mendacity!

[Canuckistanian]

35. Hey, their revenue graph corresponds to the number of war dead!

What a coincidence!

[Nothing Without Hope]

37. Good news for KBR - contract to build US detention centers FOR US:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2062553
thread title (1-24-06 LBN): KBR awarded Homeland Security contract worth up to $385M US detention ctrs

another thread on this horrible development:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x226361
thread title (1-24-06 GD): KBR awarded Homeland Security contract for US detention centers.

So construction costs in Iraq might be "on the decline" - though I'd be more likely to believe that with the proof in front of my eyes - but never fear, KBR stockholders: there is plenty of cash coming to build concentration camps in the US. And what else could they be for but for enforcement of martial law and suppression of dissent?

[brentspeak]

38. Treasury looted, Halliburton gets its billions: Mission Accomplished

:thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown: :thumbsdown:

[AuntiBush]

39. That first line should read...

"they were really helped by lying a country into war to get those oilfields and taking advantage of the American people."

And other countries...

That last line sickens me. Those making huge profits from this are beyond my realm of comprehension, conscious-wise.

[Rex]

41. Don't even try to hide it anymore.

“It was less of a decline that we expected, so Iraq was really in line of how we modeled it,” Tillery said.

Modeled it after an invasion of another country...splendid, joyous. :(

[gimama]

51. New Orleans & Baghdad

death & destruction..
some people prosper,while most suffer.
So, it seems like it IS time for the 'BLAME GAME'.
Only, it ain't a game.
It's time to stand strong, HOLD'EM to ACCOUNT.

[TheModernTerrorist]

42. no shit?

how'd THAT happen? </sarcasm>

[Stephanie]

43. What are Cheney's stock options worth?

How many does he have? When can he excercise them? How much gain has he made on them in the last five years?

[wordpix]

44. cheney's got a "blind" trust but knows he's got Hollowburden stocks

good questions re: how much he owns, I'll bet it's a bundle

[zann725]

45. ...at the 'expense' of how many human lives lost? And our Economy.

Some profit, some lose. That's Democracy...er, Capitalism, er...

[liberal N proud]

46. How Patriotic of them to rape our treasury in the name of FREEDOM

:sarcasm:

[obreaslan]

47. I'm not religious in any way what so ever, but...

I hope the combined forces of Karma, The Gods of Hell Fire and everything else imaginable reap their vengeance upon every single complicit mother-fucker involved in this cabal of evil. From the Media to the Corporations to the BFEE and their minions. :nuke: :grr:

[LiberalEsto]

48. What's Dick Tater's cut?

And how much will he pay the IRS?

[gimama]

49. where's the link for this week's spookiest contract?

Halliburton/KBR got an ICE deal to build 'domestic detention centers'?
I think it was in a San Fransisco paper..I'm looking,it was spooky stuff.

There WERE GAO investigations on their food service deals in Iraq..I remember vividly:the mess hall in Iraq,where Mr.bush'served' Troops a plastic turkey,had been cited for kitchens unfit for food preparation, food spoiled, contaminated, disgusting conditions. Military Families were shipping all kinds of stuff to keep their Soldier FED.
War-profiteers ..used to be LAWS against 'em.
Criminals,ALL of'em.
The TRUTH ain't in 'em.
Now,I'm mad,where's that link? I got calls to make..!

[gulliver]

50. "energy being in the upcycle"... You have to love these guys.

It's not oil, it's energy. It's not expensive, it's in the upcycle.

The GOP is not a racketeer influenced corrupt organization, it's a political party.

[MellowOne]

52. Lives for money

Sounds like a good trade-off to me....(sarcasm)

[eppur_se_muova]

54. "Oilfield services"? Hardly. Their business is mining the gov't.

Meaning, actually, us, the taxpayers.

[Raster]

58. halliburton: Merchants of Death and their subsidiary Burn & Loot

[ReadTomPaine]

59. And they'll have fun, fun, fun until someone takes their T-Bird away..

[NVMojo]

61. Americans ....YOU PAID FOR THIS!!

[primavera]

67. Get your money for nothing and your chicks for free

Ah, the joys of no-bid contracts!