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class="link-black font-14 my-10"><a href="/money/Halliburton#ref337528">Cheney, KBR, and Deepwater Horizon</a></li></ul><div class="font-14 font-weight-bold mt-20">Read More</div><div class="TableOfContents_RelatedArticle__yK5m6" data-testid="RelatedContents"><a href="/money/BP-PLC" class="link-black" data-testid="RelatedContent-1-80326-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/58/139558-050-9EEE9E93/Fireboat-response-crews-blaze-oil-rig-Deepwater-April-21-2010.jpg?c=crop&h=40&w=50" alt="Deepwater Horizon oil rig: fire" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">BP PLC</div></div></div></a><a href="/money/business-organization" class="link-black" data-testid="RelatedContent-1-86277-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" 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data-testid="ArticleUtilityBar-Links" type="button" aria-label="Links"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="ArticleUtilityBar_UtilityButtonIcon__6w04y mr-5" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M3.9 12c0-1.71 1.39-3.1 3.1-3.1h4V7H7c-2.76 0-5 2.24-5 5s2.24 5 5 5h4v-1.9H7c-1.71 0-3.1-1.39-3.1-3.1zM8 13h8v-2H8v2zm9-6h-4v1.9h4c1.71 0 3.1 1.39 3.1 3.1s-1.39 3.1-3.1 3.1h-4V17h4c2.76 0 5-2.24 5-5s-2.24-5-5-5z"></path></svg>Links</button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span></div><div class="caption mt-10">Also known as: Halliburton Oil Well Cementing Co., New Method Oil Well Cementing Co.</div><strong class="font-12 mr-5">Written and fact-checked by</strong><span class="mr-5" data-testid="Byline"><span class="Byline_popoverTrigger__xVs4j font-14" id="_R1liksvf7ksq">The Editors of Encyclopaedia Britannica</span></span><div class="popover AuthorPopover_AuthorPopover__0W0b4" data-testid="Popover"><a class="font-weight-semi-bold" href="/money/author/The-Editors-of-Encyclopaedia-Britannica/4419">The Editors of Encyclopaedia Britannica</a><div class="AuthorPopover_shortBio__1tFaf mt-5 font-14 font-serif text-gray-700 line-clamp clamp-4">Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.</div><div data-popper-arrow="true"></div></div><div class="caption mt-5 d-flex" data-testid="ContentDateAndHistory"><span>Updated: <time dateTime="Nov. 23, 2024">Nov. 23, 2024</time></span></div></div><div class="TableOfContents_TableOfContents__g8WLR d-none" data-testid="TableOfContents"><div class="font-16 font-weight-bold">Table of Contents</div><hr class="mt-0"/><ul class="TableOfContents_TableOfContentsList__yU1tL p-0 mt-0 mb-0 list-unstyled pl-5" style="--category-color:var(--red)"><li class="link-black font-14 my-10"><a href="/money/Halliburton#ref921032-1">Introduction</a></li><li class="link-black font-14 my-10"><a href="/money/Halliburton#ref337527">Origin and growth</a></li><li class="link-black font-14 my-10"><a href="/money/Halliburton#ref337528">Cheney, KBR, and Deepwater Horizon</a></li></ul><div class="font-14 font-weight-bold mt-20">Read More</div><div class="TableOfContents_RelatedArticle__yK5m6" data-testid="RelatedContents"><a href="/money/BP-PLC" class="link-black" data-testid="RelatedContent-1-80326-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/58/139558-050-9EEE9E93/Fireboat-response-crews-blaze-oil-rig-Deepwater-April-21-2010.jpg?c=crop&h=40&w=50" alt="Deepwater Horizon oil rig: fire" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">BP PLC</div></div></div></a><a href="/money/business-organization" class="link-black" data-testid="RelatedContent-1-86277-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/35/191935-050-B76CEA77/sign-Microsoft-office-building-housing-computer-giant-May-7-2016.jpg?c=crop&h=40&w=50" alt="A famous business organization" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">business organization</div></div></div></a><a href="/money/Royal-Dutch-Shell-PLC" class="link-black" data-testid="RelatedContent-1-511369-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/75/124875-050-2CEA94E5/Shell-Research-and-Technology-Centre-Amsterdam.jpg?c=crop&h=40&w=50" alt="Shell Research and Technology Centre" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">Royal Dutch Shell PLC</div></div></div></a></div></div><button class="btn btn-outline-undefined TableOfContents_MobileTableOfContentsButton__dHpRi d-md-none mb-20 w-100" data-testid="MobileTableOfContents" type="button" aria-label="Table Of Contents" style="--category-color:var(--red)"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M4 10.5c-.83 0-1.5.67-1.5 1.5s.67 1.5 1.5 1.5 1.5-.67 1.5-1.5-.67-1.5-1.5-1.5zm0-6c-.83 0-1.5.67-1.5 1.5S3.17 7.5 4 7.5 5.5 6.83 5.5 6 4.83 4.5 4 4.5zm0 12c-.83 0-1.5.68-1.5 1.5s.68 1.5 1.5 1.5 1.5-.68 1.5-1.5-.67-1.5-1.5-1.5zM7 19h14v-2H7v2zm0-6h14v-2H7v2zm0-8v2h14V5H7z"></path></svg><span class="font-18 ml-5">Table Of Contents</span></button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span><div class="font-serif font-18 lh-lg dropCapArticle"><div class="Article_floatedHeroComponents__8_NjL"><div class="mb-10 BorderlessCard_BorderlessCard__u5tTW d-inline-block w-100 pb-0 rounded border p-10" data-testid="BorderlessCard"><div class="w-100 position-relative d-flex"><img loading="eager" src="https://cdn.britannica.com/58/139558-050-9EEE9E93/Fireboat-response-crews-blaze-oil-rig-Deepwater-April-21-2010.jpg?w=385" alt="Deepwater Horizon oil rig: fire" width="385" data-testid="IrisImage" class="border rounded w-100"/><button class="btn btn-outline-blue-dark btn-xl btn-circle CircleIconButton_CircleIconButton__HkIE0 position-absolute bottom-10 right-10 bg-white" data-testid="CircleIconButton" type="button" aria-label="Open full size image" id="_Rcksvf7ksq"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M15.5 14h-.79l-.28-.27A6.471 6.471 0 0 0 16 9.5 6.5 6.5 0 1 0 9.5 16c1.61 0 3.09-.59 4.23-1.57l.27.28v.79l5 4.99L20.49 19l-4.99-5zm-6 0C7.01 14 5 11.99 5 9.5S7.01 5 9.5 5 14 7.01 14 9.5 11.99 14 9.5 14z"></path><path d="M12 10h-2v2H9v-2H7V9h2V7h1v2h2v1z"></path></svg></button><div class="tooltip font-16" data-testid="Tooltip">Open full sized image<div data-popper-arrow="true"></div></div></div><div class="font-serif text-gray-700 mt-5 font-14 text-left">Fireboat response crews attempting to extinguish the blaze aboard the Deepwater Horizon oil rig in the Gulf of Mexico, April 21, 2010.</div><div class="font-serif text-gray-700 mt-5 font-12 font-italic mb-10 text-left">U.S. Coast Guard</div></div></div><div class="QuickFacts_quickFacts__FMF2_ border rounded p-20 mb-20 ml-sm-20 mx-auto font-14 bg-white font-sans-serif"><div class="" data-testid="QuickFacts-Facts"><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">in full:</dt><dd>Halliburton Co.</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">also called (1919–20):</dt><dd>New Method Oil Well Cementing Co. or</dd></dl><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">(1920–60):</dt><dd>Halliburton Oil Well Cementing Co.</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Date:</dt><dd>1919 - present</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Ticker:</dt><dd>HAL</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Share price:</dt><dd>$31.81 (mkt close, Nov. 26, 2024)</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Market cap:</dt><dd>$27.95 bil.</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Annual revenue:</dt><dd>$23.07 bil.</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Earnings per share (prev. year):</dt><dd>$2.86</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Sector:</dt><dd>Energy</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Industry:</dt><dd>Energy Equipment & Services</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative mb-10 line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">CEO:</dt><dd>Mr. Jeffrey Allen Miller CPA</dd></dl></div><div class="QuickFacts_fact__5ukCJ position-relative line-clamp clamp-3"><dl class=""> <dt class="font-weight-bold text-capitalize mr-5">Headquarters:</dt><dd><a href="/place/Dubai-United-Arab-Emirates">Dubai</a></dd><dd><a href="/place/Houston">Houston</a></dd></dl></div></div></div><section class="HTMLContent_HTMLContent__cOyPs" data-testid="HTMLContent"><span id="ref921032-1" data-level="1" /><p><strong><span id="ref1245797" />Halliburton</strong>, American oil-field services, engineering, and construction company that operates worldwide. It is a global leader in the so-called “upstream” oil industry (petroleum exploration and <a href="/technology/petroleum-production">production</a>). Company headquarters offices are in <a href="/place/Houston">Houston</a>, <a href="/place/Texas-state">Texas</a>, and <a href="/place/Dubai-emirate-United-Arab-Emirates">Dubai</a>, <a href="/place/United-Arab-Emirates">United Arab Emirates</a>.</p><span id="ref337527" data-level="1" /><h2 class="h2">Origin and growth</h2><p>Company founder <span id="ref1245793" />Erle P. Halliburton learned how <a href="/technology/cement-building-material">cement</a> can be used to protect and seal oil-well bores while employed by the Perkins Oil Well Cementing Co. in California in 1916. He was soon dismissed from that company, supposedly for changing procedures without authorization, and eventually found his way to Burkburnett, Texas, where oil was discovered in 1918. The following year he formed the New Method Oil Well Cementing Co. and offered its services to drillers. In 1920 New Method became Halliburton Oil Well Cementing Co. (HOWCO), and it soon established headquarters in <a href="/place/Duncan-Oklahoma">Duncan</a>, <a href="/place/Oklahoma-state">Oklahoma</a>.</p><p>Erle Halliburton was an innovative technician who devised and patented many improvements to the oil-well cementing process. One of his earliest and most important inventions was the jet mixer, a truck-mounted machine for mixing water and lime to make the cement used in the wells. As the American <a href="/science/petroleum">petroleum</a> industry grew, Erle Halliburton’s patents made HOWCO an indispensable part of it. In need of additional capital to finance expansion, Halliburton incorporated his company in 1924 and brought in several large petroleum businesses as joint owners. (HOWCO did not offer its stock to the public until 1948.) The company made its first overseas sales in 1926, when it sold cementing units to an English firm for use in Burma (now <a href="/place/Myanmar">Myanmar</a>). In the 1930s HOWCO opened research laboratories and increased the range of services it provided. The company deployed a barge-mounted cementing rig in the <a href="/place/Gulf-of-Mexico">Gulf of Mexico</a> in 1938, thus establishing itself in offshore services, which eventually became a major segment of the petroleum industry. It established a presence on the West Coast in 1940 by purchasing Perkins Oil Well Cementing, the company where Erle Halliburton had once worked. HOWCO opened its first South American office, in <a href="/place/Venezuela">Venezuela</a>, in the same year and its first European office, in <a href="/place/Italy">Italy</a>, in 1951.</p><p>In 1949 the company acquired an exclusive license to practice hydraulic fracturing, a newly invented technique for releasing hitherto inaccessible oil and gas deposits from underground rock formations. <a href="/technology/fracking">Fracking</a>, as the technique later came to be called, proved to be very profitable for HOWCO. Erle P. Halliburton died in October 1957, by which time his company had 20,000 employees. In 1959 HOWCO acquired Otis Engineering, another company active in oil-field equipment and services. The following year HOWCO shortened its name to Halliburton Co. to reflect the expanded scope of its operations. The company moved its headquarters from Oklahoma to <a href="/place/Dallas">Dallas</a> in 1961. A major expansion and diversification came with acquisition of Brown & Root, Inc., a Texas-based engineering and construction company, in 1962. Engineering and construction came to be a very important part of Halliburton.</p><span id="ref337528" data-level="1" /><h2 class="h2"><span id="ref1245794" /><a href="/biography/Dick-Cheney">Cheney</a>, <span id="ref1245796" />KBR, and <span id="ref1245795" /><a href="/event/Deepwater-Horizon-oil-spill">Deepwater Horizon</a></h2><p><a href="/biography/Dick-Cheney">Dick Cheney</a>, who served as U.S. secretary of defense in the administration of <a href="/biography/George-H-W-Bush">George H.W. Bush</a> (1989–93), became chairman and chief executive of Halliburton Co. in 1995. He continued the program of expansion by acquisition. His most notable purchase was Dresser Industries, formerly a major competitor, in 1998. In previous decades a Dresser unit had done extensive work with <a href="/science/asbestos-mineral">asbestos</a>, leaving Halliburton with heavy liability for asbestos-related health issues. In 2002 the company agreed to pay approximately $5 billion in cash and stock to settle all claims. Dresser’s M.W. Kellogg engineering subsidiary was combined with Brown & Root to form Halliburton’s Kellogg Brown & Root (KBR) division.</p><p>Cheney left Halliburton in 2000 to join the <a href="/biography/George-W-Bush">George W. Bush</a> presidential campaign, and he later served as vice <a href="/topic/president-government-official">president</a> in the Bush administration (2001–09). During Bush’s first term, U.S.-led forces embarked on wars in <a href="/event/Afghanistan-War">Afghanistan</a> and <a href="/event/Iraq-War">Iraq</a>. Halliburton, principally through its KBR subsidiary, received bigger U.S. government reconstruction contracts than any other company for work in the two countries. Many of the contracts were awarded without competitive bidding. Critics charged favouritism at the time, and KBR was later accused of mismanagement. In 2006 Halliburton spun off KBR into a separate corporation.</p><p>Halliburton relocated its headquarters from Dallas to Houston in 2003. Four years later David J. Lesar, chairman and CEO, moved his office to <a href="/place/Dubai-United-Arab-Emirates">Dubai</a>, United Arab Emirates. Lesar stated that the <a href="/place/Eastern-Hemisphere">Eastern Hemisphere</a> had become the company’s most important market, but some critics called it a tax-avoidance maneuver. The company’s position was that it had one “corporate office” in Dubai and another in Houston.</p><p>Halliburton received more unwanted attention in connection with the Deepwater Horizon oil spill. On April 20, 2010, a surge of gas tore through a concrete core Halliburton had recently installed in <a href="/money/BP-PLC">BP</a>’s Deepwater Horizon oil rig off the coast of Louisiana. The gas ignited, killing 11 workers on the platform, and the riser (vertical pipe) ruptured, spilling several million barrels of oil into the Gulf of Mexico. In 2013 the company agreed to pay a $200,000 penalty after pleading guilty to criminal charges that its employees had destroyed evidence. The following year a civil court found Halliburton negligent and apportioned its <a href="/topic/liability-law">liability</a> of the disaster at 3 percent. The company settled claims with plaintiffs for some $1.1 billion.</p></section><span class="Signature_signature__PzeTY d-block border-left font-italic pb-5 pl-10 mt-10 font-14" data-testid="Signature">This article was most recently revised and updated by <a href="/money/author/Robert-Lewis/3520625">Robert Lewis</a>.</span></div></div><aside class="d-none d-lg-block cm-right-rail col-da-320 z-1" data-testid="RightRail"></aside></div><div data-page-index="1" data-testid="PageSentinel"></div></div></main><footer class="Footer_Footer__h6k1G text-align-center pb-100" data-testid="Footer"><div class="pt-30 pt-md-40 mx-25 mx-md-0"><a href="/money"><img loading="lazy" src="https://cdn.britannica.com/money/assets/Money-475x60-footer-2x.png?h=47&w=390" alt="Britannica Money Logo" data-testid="IrisImage"/></a></div><div class="Footer_SubLinks__z2QDt my-30 font-weight-semi-bold font-weight-semi-bold d-flex flex-row tw-justify-center tw-items-center"><a class="mx-20" href="/money/about">About 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But like all invements, fixed income has its share of product types, risks, and complexities that are worth exploring and understanding.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Bonds-Fixed-Income\",\"url\":\"/browse/Bonds-Fixed-Income\"},{\"id\":13113,\"parentId\":13100,\"title\":\"ETFs \u0026 Mutual Funds\",\"description\":\"Exchange-traded funds (ETFs) and mutual funds are baskets of stocks, bonds, and other securities. A fund may track an index such as the S\u0026P 500, or it may be tied to a sector, industry, risk profile, or strategy.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"ETFs-Mutual-Funds\",\"url\":\"/browse/ETFs-Mutual-Funds\"},{\"id\":13112,\"parentId\":13100,\"title\":\"Economic Data\",\"description\":\"No exploration of investment opportunies is complete without context of the economic realities of the day. Economic data includes government reports such as GDP, unemployment, inflation, and housing numbers, as well as trends in fiscal and monetary policy.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Economic-Data\",\"url\":\"/browse/Economic-Data\"},{\"id\":13114,\"parentId\":13100,\"title\":\"Fundamental Analysis\",\"description\":\"Does a specific stock deserve a place in your portfolio? Due diligence starts with fundamental analysis: Earnings and earnings ratios, financial statements, growth and growth potential, and the competitive environment.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Fundamental-Analysis\",\"url\":\"/browse/Fundamental-Analysis\"},{\"id\":13115,\"parentId\":13100,\"title\":\"Markets \u0026 Regulation\",\"description\":\"Modern financial markets are relatively easy to navigate, but amazingly complex when you dig beneath the surface. Learn how markets work, who the players are, how money and securities change hands, and how the system is regulated.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Markets-Regulation\",\"url\":\"/browse/Markets-Regulation\"},{\"id\":13116,\"parentId\":13100,\"title\":\"Portfolio Management\",\"description\":\"Your portfolio is the amalgamation of all your assets—stocks, bonds, real estate, the funds in your 401(k), and your cash. A well-managed portfolio will aim for solid long-term returns—adjusted for your risk tolerance and time horizon—and will shift along with your changing objectives.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Portfolio-Management\",\"url\":\"/browse/Portfolio-Management\"},{\"id\":13117,\"parentId\":13100,\"title\":\"Stocks \u0026 Indexes\",\"description\":\"A stock represents partial ownership of a company, and a stock index tracks a basket of stocks of different companies. Learn the ins and outs of the stock market, the 11 sectors within it, and the various indexes that measure its overall performance.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Stocks-Indexes\",\"url\":\"/browse/Stocks-Indexes\"}]},{\"category\":{\"id\":13400,\"parentId\":13000,\"title\":\"Trading\",\"description\":\"Trading is the short-term buying and selling of stocks, commodities, options, cryptocurrencies, and other securities. Trading has different objectives and strategies than long-term investing. Traders use technical analysis, buy and sell on margin, and look to capture price inefficiencies.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Trading\",\"url\":\"/browse/Trading\"},\"subcategories\":[{\"id\":13401,\"parentId\":13400,\"title\":\"Crypto \u0026 Foreign Exchange\",\"description\":\"Active trading in foreign exchange (“forex”) has been around for decades, while cryptocurrencies are relative newcomers. Both track the relative value of currencies or cryptocurrencies: dollars, euro, yen, and pounds as well as Bitcoin, Ethereum, Solana, and Dogecoin.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Crypto-Foreign-Exchange\",\"url\":\"/browse/Crypto-Foreign-Exchange\"},{\"id\":13402,\"parentId\":13400,\"title\":\"Futures \u0026 Margin Trading\",\"description\":\"Futures contracts allow traders and investors to speculate on the direction of—and hedge underlying positions in—stock indexes, interest rates, commodities, precious metals, and more.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Futures-Margin-Trading\",\"url\":\"/browse/Futures-Margin-Trading\"},{\"id\":13403,\"parentId\":13400,\"title\":\"Options Trading\",\"description\":\"Options are derivative contracts that give the buyer the right to buy or sell a security at a specific price. Options can be flexible and capital efficient. But understanding the math behind them, plus the lingo, strategies, and risk parameters, requires some training.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Options-Trading\",\"url\":\"/browse/Options-Trading\"},{\"id\":13404,\"parentId\":13400,\"title\":\"Technical Analysis\",\"description\":\"Is there predictive power in price and volume data? Technical analysts watch the charts, look for patterns, and use a blend of art and science to try to optimize the timing and price levels for buy and sell orders.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Technical-Analysis\",\"url\":\"/browse/Technical-Analysis\"},{\"id\":13405,\"parentId\":13400,\"title\":\"Trading Strategy\",\"description\":\"Active trading requires some specialized skill—and a special mindset. Learn how to manage capital and trading positions, as well as emotions and biases. \",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Trading-Strategy\",\"url\":\"/browse/Trading-Strategy\"}]},{\"category\":{\"id\":13200,\"parentId\":13000,\"title\":\"Retirement\",\"description\":\"We all dream of a comfortable retirement. Learn all about the various retirement savings accounts and how to maximize them. Careful planning of your retirement income, budget, and lifestyle can help make sure you don't outlive your money.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"retirement\",\"url\":\"/browse/retirement\"},\"subcategories\":[{\"id\":13201,\"parentId\":13200,\"title\":\"Defined Contribution Plans\",\"description\":\"401(k) plans and individual retirement accounts (IRAs) are examples of defined contribution plans. You decide how much to contribute, and those savings are invested to compound and (hopefully) capture market earnings. Learn about traditional, Roth, SEP, and SIMPLE plans, as well as 403(b), 457, and solo 401(k) plans.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Defined-Contribution-Plans\",\"url\":\"/browse/Defined-Contribution-Plans\"},{\"id\":13202,\"parentId\":13200,\"title\":\"Estate Planning\",\"description\":\"Estate planning isn't just for the wealthy. Pretty much anyone with assets, families, and even pets should have plans in place—just in case.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Estate-Planning\",\"url\":\"/browse/Estate-Planning\"},{\"id\":13203,\"parentId\":13200,\"title\":\"Pensions \u0026 Annuities\",\"description\":\"An annuity is a series of payments made at fixed, regular intervals. Defined benefit plans (such as government and company pension plans) are one type of annuity. Insurance companies also sell annuity products that are designed to offer predictable income streams in retirement. But fair warning: they're complex.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Pensions-Annuities\",\"url\":\"/browse/Pensions-Annuities\"},{\"id\":13204,\"parentId\":13200,\"title\":\"Retirement Living\",\"description\":\"Throughout your career, you've been looking forward to retirement. But once you're there, you have a brand new set of decisions to make: travel, budgeting, tackling the bucket list, and maybe even taking on a new job or side hustle. Retirement living: It's a new beginning.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Retirement-Living\",\"url\":\"/browse/Retirement-Living\"},{\"id\":13205,\"parentId\":13200,\"title\":\"Retirement Planning\",\"description\":\"Are you expecting a long and comfortable retirement? Plan ahead. Will your savings and income streams support all your dreams for your golden years? And do you have contingency plans in case things change? Learn how to plan and strategize for retirement.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Retirement-Planning\",\"url\":\"/browse/Retirement-Planning\"},{\"id\":13206,\"parentId\":13200,\"title\":\"Social Security \u0026 Medicare\",\"description\":\"Most of us pay into Social Security and Medicare throughout our working lives; in retirement, we receive benefits. But to get the most out of these two government programs—and tailor them to your personal situation—you need to learn how they work.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Social-Security-Medicare\",\"url\":\"/browse/Social-Security-Medicare\"}]},{\"category\":{\"id\":13700,\"parentId\":13000,\"title\":\"Companies\",\"description\":\"The Global Industry Classification Standard (GICS) places companies into eleven sectors: Communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Companies\",\"url\":\"/browse/Companies\"},\"subcategories\":[{\"id\":13709,\"parentId\":13700,\"title\":\"Communication Services\",\"description\":\"Communication services, added in 2018, includes traditional and social media, web platforms, video game makers, and telecom providers. Companies include AT\u0026T, Netflix, Facebook parent Meta, and Google parent Alphabet.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Communication-Services\",\"url\":\"/browse/Communication-Services\"},{\"id\":13704,\"parentId\":13700,\"title\":\"Consumer Discretionary\",\"description\":\"Discretionary companies - autos, travel and entertainment companies, apparel makers, and e-commerce - tend to rise and fall with the consumer economy. Companies include Ford, Nike, Disney, McDonald’s, and Amazon.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Consumer-Discretionary\",\"url\":\"/browse/Consumer-Discretionary\"},{\"id\":13705,\"parentId\":13700,\"title\":\"Consumer Staples\",\"description\":\"Staples are everyday products such as toothpaste, detergent, food and beverages, groceries, and beauty supplies. Companies include Costco, Walmart, Coca-Cola, and Procter \u0026 Gamble.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Consumer-Staples\",\"url\":\"/browse/Consumer-Staples\"},{\"id\":13701,\"parentId\":13700,\"title\":\"Energy\",\"description\":\"The energy sector, which includes oil and gas producers, pipeline builders, and refineries, tends to follow commodities. Companies include ExxonMobil, Halliburton, Chevron, Occidental, and ConocoPhillips.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Energy\",\"url\":\"/browse/Energy\"},{\"id\":13707,\"parentId\":13700,\"title\":\"Financials\",\"description\":\"The financials sector includes insurance, commercial and investment banks, brokers, and credit card and payment providers. Companies include JPMorganChase, PayPal, Allstate, Visa, BlackRock, and Goldman Sachs.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Financials\",\"url\":\"/browse/Financials\"},{\"id\":13706,\"parentId\":13700,\"title\":\"Health Care\",\"description\":\"The health care sector includes pharmaceuticals, medical devices, biotechnology, and health insurance companies. Top names include Pfizer, UnitedHealth, Medtronic, and Johnson \u0026 Johnson.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Health-Care\",\"url\":\"/browse/Health-Care\"},{\"id\":13703,\"parentId\":13700,\"title\":\"Industrials\",\"description\":\"The industrials sector includes construction, agricultural machinery, airplanes, defense (weapons) contractors, railroads, and delivery companies. Top names include Lockheed Martin, Boeing, Caterpillar, FedEx, 3M, and CSX.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Industrials\",\"url\":\"/browse/Industrials\"},{\"id\":13708,\"parentId\":13700,\"title\":\"Information Technology\",\"description\":\"The growth-oriented tech sector makes and services semiconductors, cell phones, computer hardware and software, and services such as cloud computing. Companies include Apple, Microsoft, NVIDIA, and Cisco.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Information-Technology\",\"url\":\"/browse/Information-Technology\"},{\"id\":13702,\"parentId\":13700,\"title\":\"Materials\",\"description\":\"The materials sector includes agricultural services, miners, and makers of paper, steel, and chemicals. Typically growth-oriented dividend payers, companies include International Paper, Alcoa, Dow, Freeport-McMoRan, and Newmont.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Materials\",\"url\":\"/browse/Materials\"},{\"id\":13710,\"parentId\":13700,\"title\":\"Utilities\",\"description\":\"Known for stability and a history of solid dividends, the utilities sector includes electricity providers, nuclear power companies, and waste haulers. Companies include NextEra, Waste Management, and Duke Energy.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Utilities\",\"url\":\"/browse/Utilities\"}]},{\"category\":{\"id\":13600,\"parentId\":13000,\"title\":\"Biographies\",\"description\":\"Behind all the great ideas, philosophies, inventions, and industries are people who create, cultivate, and lead. Learn about the entrepreneurs, financiers, business executives, and economic thought leaders who shaped the world of money and finance.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Biographies\",\"url\":\"/browse/Biographies\"},\"subcategories\":[{\"id\":13601,\"parentId\":13600,\"title\":\"Bankers \u0026 Financiers\",\"description\":\"Learn about the bankers, financiers, and other facilitators of capital market growth throughout history - those who underwrote the industrial revolution, the building of railroads and automobiles, and today’s technology platforms.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Bankers-Financiers\",\"url\":\"/browse/Bankers-Financiers\"},{\"id\":13602,\"parentId\":13600,\"title\":\"Business Executives\",\"description\":\"Learn about the men \u0026 women who helped - and are helping - shape global corporations, private businesses, sports teams, \u0026 technology start-ups.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Businesspeople-Executives\",\"url\":\"/browse/Businesspeople-Executives\"},{\"id\":13603,\"parentId\":13600,\"title\":\"Economists\",\"description\":\"Learn about the academics, researchers, statisticians, and policymakers who shaped the economy—plus the thought leadership, models, formulas, and philosophies they crafted and implemented.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Economists\",\"url\":\"/browse/Economists\"},{\"id\":13604,\"parentId\":13600,\"title\":\"Entrepreneurs\",\"description\":\"Entrepreneurs bear the economic uncertainties and risks of starting and running new businesses to generate profit and economic value. Learn about these industrialists, number crunchers, and technology innovators.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Entrepreneurs\",\"url\":\"/browse/Entrepreneurs\"}]},{\"category\":{\"id\":13500,\"parentId\":13000,\"title\":\"Finance \u0026 the Economy\",\"description\":\"Explore the full spectrum of finance and economics, from historical frameworks to contemporary topics. 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It is a global leader in the so-called “upstream” oil industry (petroleum exploration and \u003ca href=\"/technology/petroleum-production\"\u003eproduction\u003c/a\u003e). Company headquarters offices are in \u003ca href=\"/place/Houston\"\u003eHouston\u003c/a\u003e, \u003ca href=\"/place/Texas-state\"\u003eTexas\u003c/a\u003e, and \u003ca href=\"/place/Dubai-emirate-United-Arab-Emirates\"\u003eDubai\u003c/a\u003e, \u003ca href=\"/place/United-Arab-Emirates\"\u003eUnited Arab Emirates\u003c/a\u003e.\u003c/p\u003e\u003c!--[P-1]--\u003e\u003cspan id=\"ref337527\" data-level=\"1\" /\u003e\u003ch2 class=\"h2\"\u003eOrigin and growth\u003c/h2\u003e\u003cp\u003eCompany founder \u003cspan id=\"ref1245793\" /\u003eErle P. Halliburton learned how \u003ca href=\"/technology/cement-building-material\"\u003ecement\u003c/a\u003e can be used to protect and seal oil-well bores while employed by the Perkins Oil Well Cementing Co. in California in 1916. He was soon dismissed from that company, supposedly for changing procedures without authorization, and eventually found his way to Burkburnett, Texas, where oil was discovered in 1918. The following year he formed the New Method Oil Well Cementing Co. and offered its services to drillers. In 1920 New Method became Halliburton Oil Well Cementing Co. (HOWCO), and it soon established headquarters in \u003ca href=\"/place/Duncan-Oklahoma\"\u003eDuncan\u003c/a\u003e, \u003ca href=\"/place/Oklahoma-state\"\u003eOklahoma\u003c/a\u003e.\u003c/p\u003e\u003c!--[P-2]--\u003e\u003cp\u003eErle Halliburton was an innovative technician who devised and patented many improvements to the oil-well cementing process. One of his earliest and most important inventions was the jet mixer, a truck-mounted machine for mixing water and lime to make the cement used in the wells. As the American \u003ca href=\"/science/petroleum\"\u003epetroleum\u003c/a\u003e industry grew, Erle Halliburton’s patents made HOWCO an indispensable part of it. In need of additional capital to finance expansion, Halliburton incorporated his company in 1924 and brought in several large petroleum businesses as joint owners. (HOWCO did not offer its stock to the public until 1948.) The company made its first overseas sales in 1926, when it sold cementing units to an English firm for use in Burma (now \u003ca href=\"/place/Myanmar\"\u003eMyanmar\u003c/a\u003e). In the 1930s HOWCO opened research laboratories and increased the range of services it provided. The company deployed a barge-mounted cementing rig in the \u003ca href=\"/place/Gulf-of-Mexico\"\u003eGulf of Mexico\u003c/a\u003e in 1938, thus establishing itself in offshore services, which eventually became a major segment of the petroleum industry. It established a presence on the West Coast in 1940 by purchasing Perkins Oil Well Cementing, the company where Erle Halliburton had once worked. HOWCO opened its first South American office, in \u003ca href=\"/place/Venezuela\"\u003eVenezuela\u003c/a\u003e, in the same year and its first European office, in \u003ca href=\"/place/Italy\"\u003eItaly\u003c/a\u003e, in 1951.\u003c/p\u003e\u003c!--[P-3]--\u003e\u003cp\u003eIn 1949 the company acquired an exclusive license to practice hydraulic fracturing, a newly invented technique for releasing hitherto inaccessible oil and gas deposits from underground rock formations. \u003ca href=\"/technology/fracking\"\u003eFracking\u003c/a\u003e, as the technique later came to be called, proved to be very profitable for HOWCO. Erle P. Halliburton died in October 1957, by which time his company had 20,000 employees. In 1959 HOWCO acquired Otis Engineering, another company active in oil-field equipment and services. The following year HOWCO shortened its name to Halliburton Co. to reflect the expanded scope of its operations. The company moved its headquarters from Oklahoma to \u003ca href=\"/place/Dallas\"\u003eDallas\u003c/a\u003e in 1961. A major expansion and diversification came with acquisition of Brown \u0026amp; Root, Inc., a Texas-based engineering and construction company, in 1962. Engineering and construction came to be a very important part of Halliburton.\u003c/p\u003e\u003c!--[P-4]--\u003e\u003cspan id=\"ref337528\" data-level=\"1\" /\u003e\u003ch2 class=\"h2\"\u003e\u003cspan id=\"ref1245794\" /\u003e\u003ca href=\"/biography/Dick-Cheney\"\u003eCheney\u003c/a\u003e, \u003cspan id=\"ref1245796\" /\u003eKBR, and \u003cspan id=\"ref1245795\" /\u003e\u003ca href=\"/event/Deepwater-Horizon-oil-spill\"\u003eDeepwater Horizon\u003c/a\u003e\u003c/h2\u003e\u003cp\u003e\u003ca href=\"/biography/Dick-Cheney\"\u003eDick Cheney\u003c/a\u003e, who served as U.S. secretary of defense in the administration of \u003ca href=\"/biography/George-H-W-Bush\"\u003eGeorge H.W. Bush\u003c/a\u003e (1989–93), became chairman and chief executive of Halliburton Co. in 1995. He continued the program of expansion by acquisition. His most notable purchase was Dresser Industries, formerly a major competitor, in 1998. In previous decades a Dresser unit had done extensive work with \u003ca href=\"/science/asbestos-mineral\"\u003easbestos\u003c/a\u003e, leaving Halliburton with heavy liability for asbestos-related health issues. In 2002 the company agreed to pay approximately $5 billion in cash and stock to settle all claims. Dresser’s M.W. Kellogg engineering subsidiary was combined with Brown \u0026amp; Root to form Halliburton’s Kellogg Brown \u0026amp; Root (KBR) division.\u003c/p\u003e\u003c!--[P-5]--\u003e\u003cp\u003eCheney left Halliburton in 2000 to join the \u003ca href=\"/biography/George-W-Bush\"\u003eGeorge W. Bush\u003c/a\u003e presidential campaign, and he later served as vice \u003ca href=\"/topic/president-government-official\"\u003epresident\u003c/a\u003e in the Bush administration (2001–09). During Bush’s first term, U.S.-led forces embarked on wars in \u003ca href=\"/event/Afghanistan-War\"\u003eAfghanistan\u003c/a\u003e and \u003ca href=\"/event/Iraq-War\"\u003eIraq\u003c/a\u003e. Halliburton, principally through its KBR subsidiary, received bigger U.S. government reconstruction contracts than any other company for work in the two countries. Many of the contracts were awarded without competitive bidding. Critics charged favouritism at the time, and KBR was later accused of mismanagement. In 2006 Halliburton spun off KBR into a separate corporation.\u003c/p\u003e\u003c!--[P-6]--\u003e\u003cp\u003eHalliburton relocated its headquarters from Dallas to Houston in 2003. Four years later David J. Lesar, chairman and CEO, moved his office to \u003ca href=\"/place/Dubai-United-Arab-Emirates\"\u003eDubai\u003c/a\u003e, United Arab Emirates. Lesar stated that the \u003ca href=\"/place/Eastern-Hemisphere\"\u003eEastern Hemisphere\u003c/a\u003e had become the company’s most important market, but some critics called it a tax-avoidance maneuver. The company’s position was that it had one “corporate office” in Dubai and another in Houston.\u003c/p\u003e\u003c!--[P-7]--\u003e\u003cp\u003eHalliburton received more unwanted attention in connection with the Deepwater Horizon oil spill. On April 20, 2010, a surge of gas tore through a concrete core Halliburton had recently installed in \u003ca href=\"/money/BP-PLC\"\u003eBP\u003c/a\u003e’s Deepwater Horizon oil rig off the coast of Louisiana. The gas ignited, killing 11 workers on the platform, and the riser (vertical pipe) ruptured, spilling several million barrels of oil into the Gulf of Mexico. In 2013 the company agreed to pay a $200,000 penalty after pleading guilty to criminal charges that its employees had destroyed evidence. The following year a civil court found Halliburton negligent and apportioned its \u003ca href=\"/topic/liability-law\"\u003eliability\u003c/a\u003e of the disaster at 3 percent. The company settled claims with plaintiffs for some $1.1 billion.\u003c/p\u003e\u003c!--[P-8]--\u003e"])</script><script>self.__next_f.push([1,"7:[\"$\",\"$L18\",null,{\"initialArticle\":{\"contentInfo\":{\"contentId\":\"1-921032-1\",\"browserTitle\":\"Halliburton | History \u0026 Facts\",\"metaDescription\":\"Halliburton, oil-field services, engineering, and construction company that operates worldwide.\",\"description\":\"Halliburton, American oil-field services, engineering, and construction company that operates worldwide. It is a global leader in the so-called “upstream” oil industry (petroleum exploration and production). Company headquarters offices are in Houston, Texas, and Dubai, United Arab Emirates.\",\"lastUpdated\":{\"utcms\":1732363200000,\"formattedShortDate\":\"Nov. 23, 2024\",\"formattedLongDate\":\"November 23, 2024\",\"formattedDateTime\":\"Nov. 23, 2024, 7:00 AM ET\",\"formattedUTCDateTime\":\"Nov. 23, 2024, 12:00 PM UTC\",\"ms\":1732363200000},\"url\":\"/money/Halliburton\",\"alternateTitles\":\"Halliburton Oil Well Cementing Co., New Method Oil Well Cementing Co.\",\"image\":{\"type\":\"IMAGE\",\"description\":\"PHOTO\",\"id\":145107,\"title\":\"Deepwater Horizon oil rig: fire\",\"caption\":\"Fireboat response crews attempting to extinguish the blaze aboard the Deepwater Horizon oil rig in the Gulf of Mexico, April 21, 2010.\",\"credit\":\"U.S. Coast Guard\",\"url\":\"https://cdn.britannica.com/58/139558-050-9EEE9E93/Fireboat-response-crews-blaze-oil-rig-Deepwater-April-21-2010.jpg\",\"width\":1600,\"height\":1200,\"altText\":\"Deepwater Horizon oil rig: fire\"},\"title\":\"Halliburton\",\"titleText\":\"Halliburton\",\"identifier\":\"American company\",\"subTitle\":null,\"type\":\"OTHER\",\"slug\":\"Halliburton\",\"authors\":[{\"id\":4419,\"title\":\"The Editors of Encyclopaedia Britannica\",\"url\":\"/author/The-Editors-of-Encyclopaedia-Britannica/4419\",\"description\":\"Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. 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