Halliburton Will Move HQ to Dubai

Associated Press



DUBAI, United Arab Emirates (AP) -- Oil services giant Halliburton Co. will soon 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.

IMHO when I see the name DIck Cheney associated with anything I think the worst. This seems to me to be a tax dodge of the highest magnitude.

This is rather shocking. Halliburton (founded in Duncan) leaving the United States after growing to what it is on the backs of the U.S. taxpayer is an insult at the least.

---------------------------

It certainly is. Sounds like Mr. CEO just wants to live in the lap of luxury that is Dubai. I guess going there to gamble once a month wasn't enough.

Personally I don't think Dick Cheney has to do anything with this. In fact, if anything Cheney is smart enough to keep it in the U.S. As jbrown said, it's probably more Mr. ceo and board of directors that wanted the change. I think it's an insult to the U.S. in general considering they supply a lot to our military. To move the headquarters to the area of the world we're really struggling in more than ever adds insult to injury.

That is a crying SHAME.

How far from the respectable roots of this company in Duncan.

__________________
Keep away from Miss Margarita Mean...

Exactly what I was thinking. The military definitely shouldn't renew contracts with them, since they will be a foreign company.

Does this mean the no-bid contracts with Halliburton will end?

Unfortunately, because of ties between the company and the those in elected office, they'll continue to land uncontested contracts with the US government.

__________________
...this shortest straw has been pulled for you

I can just see my dad spinning in his grave right now. Haliburton helped him drill a lot of wells, plus I think his estate still owns stock in them.

I guarantee if he was still alive that stock would be sold in a heartbeat because they are moving out of the United States.

I agree with what I feel he would do.