Halliburton doubles profits

[Joanne98]

Source: Guardian

Halliburton, the oil services company once run by former US vice-president Dick Cheney, doubled its profits in the last quarter of 2010, even as the US government tarred it with "systemic failures" in the BP Deepwater Horizon drilling disaster.

Higher crude prices and demand for drilling equipment boosted net income to $605m (£380m) from $243m a year earlier. Sales in North America were the largest source of revenue, rising 83% to $2.63bn even as its Gulf of Mexico operations reported a loss. Halliburton said a recovery in the number of rigs operating in the Gulf remains "uncertain" this year.

Earlier this month the presidential commission investigating the BP disaster slammed Halliburton, along with BP and rig owner Transocean. "Given the documented failings of both Transocean and Halliburton, both of which serve the offshore industry in virtually every ocean, I reluctantly conclude we have a system-wide problem," said William Reilly, co-chairman of the commission.

Dave Lesar, chairman, president and chief executive of Halliburton, said: "I am very pleased with our 2010 results. Beyond the dramatic recovery in the North America market, our performance reflects the successful execution of our strategy and our commitment to deliver superior growth and returns to our shareholders."



Read more: http://www.guardian.co.uk/business/2011/jan/24/halliburton-doubles-profits-oil-services

[Frustratedlady]

1. And does any of their income translate into income tax revenue for the US?

My bet is on zero.

[AmericanMan1958]

2. They shelter with subsidiaries from the United States to foreign countries

http://www.halliburtonwatch.org/about_hal/taxhaven.html

They pay a small percentage of US Income Taxes

[SpiralHawk]

4. "Smirk." - Halliburties (R)

"Republicon Family Values profiteering. Sneer."

- Halliburties (R)

[Elmo SinJohn]

3. It's good to know that at least one business is doing so well in this economy.

Why is no-one surprised. Why hasn't anyone gone after them?