Wednesday, August 18, 2004


Halliburton back on the gravy train

The army had said it was going to invoke a clause by which it would withhold 15% of payments to Halliburton until the dispute over overcharging by Kellogg, Brown and Root (KBR), a unit of Halliburton, was resolved. Well, the dispute hasn't been resolved, but Army Materiel Command has reversed its decision to withhold payment. No explanation given.
The Center for Public Integrity reported Wednesday that KBR generated more revenue from government contracts in 2003 than during the years 1998 through 2002.

In 2003, Halliburton reported record revenue of $16.3 billion. Contracts from the Defense Department accounted for $4.3 billion. From 1998 through 2002, the contracts awarded to the company by the military amounted to less than $2.5 billion, according to the center's analysis

Analysts rate the stock a "buy."

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