Halliburton is one of the world's largest providers of products and services to the oil and gas industries. With 50,000 employees representing 140 nationalities in approximately 70 countries, the company serves the upstream oil and gas industry throughout the life cycle of the reservoir -- from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.
Halliburton consists of two businesses:
- Drilling, Evaluation and Digital Solutions
Drilling and Evaluation provides field and reservoir modeling, drilling, evaluation, and precise well-bore placement solutions that enable customers to model, measure, and optimize their well construction activities. This segment consists of Baroid Fluid Services, Sperry Drilling Services, Security DBS Drill Bits, Wireline and Perforating Services, Landmark, and Project Management.
Completion and Production delivers cementing, stimulation, intervention, and completion services. This segment consists of production enhancement services, completion tools and services, and cementing services.
In 2016, total revenues at Halliburton were $15.9 billion, a 33% drop from the previous year. The company reported net loss of $5.7 billion due to lower energy costs worldwide.
The Company is headquartered in Houston, where its Principal Executive Office resides, and in Dubai, United Arab Emirates.
The company has cut about 35,000 jobs over the past two years due to declining oil prices.
Halliburton grew from the risk-taking entrepreneurialism of Erle P. Halliburton, who established the New Method Oil Well Cementing Company in Oklahoma in 1919. Simultaneously, the Brown brothers, George and Herman, partnered with their brother-in-law, Dan Root, to found Brown & Root in Texas.
Major acquisitions by Halliburton include Brown & Root, an engineering and construction company, in 1962 and Dresser Industries, a major provider of integrated services and project management for the oil industry, in 1998. Dresser had acquired M.W. Kellogg, a leader in petroleum refining and petrochemical processing, technology, engineering and construction, in 1988.
Former Vice President Dick Cheney was CEO of Halliburton from 1995 before becoming Vice President of the United States in 2001.
Halliburton officially separated from its engineering and construction subsidiary, KBR, in April 2006.
In November 2014, the company tried to acquire oil services company Baker Hughes for about $28 billion but called off the deal after U.S. and European regulators opposed the deal.
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Updated January 24, 2017