Halliburton Corporation

Global corporation based in the United States that provides products and services to oil and gas industries. Created in 1919 as the New Method Oil Well Cementing Company by Erle P. Halliburton, the corporation has grown through internal development and mergers to become one of the world's largest providers of energy services. It is known principally for its vertically integrated oil and gas production. The company is involved in the production of these resources from research and development through operations to infrastructure.

As it has grown, Halliburton has diversified—the corporate giant is actually composed of two operating segment subsidiaries. The first, Halliburton Energy Services Group, includes Halliburton Energy Services, Landmark Graphics Corporation, Wellstream, and several joint venture companies. The second is an engineering and construction segment, Kellogg, Brown, and Root, which builds plants and oil pipelines. These subsidiaries are involved in infrastructure projects, logistics support, and research and development. Working in more than 120 countries, Halliburton has become a world force.

Halliburton has also been intensely involved in American technology throughout its history. It has a long-term commitment to innovation and technological leadership. The company and its subsidiaries have supported the space program with architectural engineering assistance. Halliburton engineers created a carbon dioxide removal system that assisted in the rescue of the Apollo 13 astronauts after that spacecraft malfunctioned. The company has created a number of industry-first technologies, processes, and products. It also has a long history of providing military support during World War II, Operation Desert Storm, and in peacekeeping operations in the former Yugoslav republics.

Recently, Halliburton has been intensely involved in the reconstruction effort in Iraq after the U.S. invasion of that country in 2003. Granted more than $6 billion in government contracts, Halliburton has provided diverse services: rebuilding Iraq's oil business and infrastructure; assessing oil facilities; cleaning up environmental dangers; working on engineering projects, including infrastructure; putting out oil well fires; and providing meals, laundry, mail, Internet service, and housing for the U.S. troops stationed in Iraq. The company has also faced problems there, including the kidnapping of some of its personnel by Iraqi insurgents.

Halliburton Corporation has been the subject of scrutiny in the last several years. A continuing SEC investigation found that an unannounced change in accounting practices in 1998 affected the company's reported income, and there have been allegations of impropriety as well. Much of the recent controversy, however, stems from the company's part in the reconstruction of Iraq. The company has been accused of gaining preference for no-bid contracts through its political ties with U.S. vice president Dick Cheney (who formerly was chief executive officer of Halliburton), overcharging the government for its work in Iraq, and war profiteering.