Oilfield services conglomerate Halliburton Co. swung to a profit in its fourth quarter on robust sales and increased rig activity, and called last year the best in its 86-year history."Taking advantage of energy being in the upcycle" = "Bush/Cheney '04"
The income reversed a loss from a year earlier for Houston-based Halliburton, the company once led by Vice President Dick Cheney. Its KBR unit has become known for its support work for troops stationed in the Middle East.
Net income was $1.1 billion, or $2.08 a share, including a gain of $540 million or $1.02 a share, for a future tax allowance. That compared to a net loss of $203 million, or 46 cents a share last year, which included a $384 million loss from discontinued operations. ***
Like many other companies in oil-related business, Halliburton enjoyed the fruits of boom times, said analyst Jeff Tillery of Pickering Energy Partners.
"They were really helped by the oilfield business being so good and taking advantage of energy being in the upcycle," Tillery said.
Revenue at KBR, Halliburton's engineering and construction division, fell 3 percent to $3 billion, which the company said resulted from reduced military work in Iraq.Whodathunkit?
"It was less of a decline that we expected, so Iraq was really in line of how we modeled it," Tillery said.
"Iraq was really in line" with the business model of the former employer of Richard Cheney, vice- president and Iraq invasion mastermind.
What a lucky coincidence!
Revenue for 2005 reached nearly $21 billion, a record that also beat analysts expectations of $20.4 billion.And who, friends and neighbors, is the "customer" so willing to "pay a premium" price for Halliburton's "technological expertise"? It is the Bush administration, of course, and they are paying that "premium" price with your your tax dollars.
"This demonstrates our customers' willingness to pay a premium for our technological expertise that results in accelerated production rates," Dave Lesar, Halliburton's CEO, said in a statement. ***
And how is that "technological expertise" working out for our Americans?
Congressional Democrats have contended that the Bush administration has long played favorites to Halliburton because of its ties to Cheney.It's sure nice that the Bush tax policy, the destruction in the Gulf Coast and the Iraq blood-bath are working out for someone -- I just wish it was the United States.
The latest round of controversy surfaced this week when former Halliburton officials claimed water for a U.S. base was contaminated and that the company failed to notify troops and civilians. Halliburton denied any contamination troubles at Camp Junction City in Ramadi, Iraq.