Halliburton - News

Ticker Symbol: HAL

Halliburton News – Past

First quarter reports were released on April 24, 2009. Halliburton reported sales of $3.9 billion representing a 3% decrease in revenue from this time last year. However, profits experienced a much larger drop, declining 27% from 2008 first quarter results. Growing costs and falling prices in the oil industry, along with significant decreases in drilling activity across North America have contributed to this abnormal margin contraction.

On Thursday May 14, 2009, an institutional investor in Halliburton and its previous subsidiary KBR filed a class action lawsuit against both companies. The lawsuit alleges that blatant mismanagement at the two firms allowed for significant corruption to occur resulting in hefty government fines and enforcement actions (over $650 million in fines has been paid jointly by Halliburton and KBR) that caused substantial damage to shareholder wealth. CEO David Lesar and 14 current and former executives and board members were listed among the defendants in the lawsuit. Halliburton has yet to comment on the allegations but this lawsuit could mean an embarrassing investigation into Halliburton's past actions as well as the potential of a costly settlement.

Halliburton News – Upcoming

Coca-Cola Bottling/Angola is aiming to reduce imports of bottle juice and water by 60% by late 2009 or early 2010, hoping to begin trading such products.

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