Houston spiritual leaders to perform ritual cleaning once CEO is gone. Just kidding. Halliburton is opening a new corporate headquarters in the United Arab Emirates, although it won’t be changing its domestic incorporation.
All the financial implications aren’t clear, but it sounds like a nice way to avoid paying taxes on the huge profits Halliburton has earned off the backs of American taxpayers.
Halliburton, which was led by Vice President Dick Cheney from 1995 to 2000, is currently in the process of spinning off KBR, its military contracting unit, to focus on its business of drilling wells and maintaining fields for oil companies. The company did not say what implications the Dubai development might have for its military contracts. Lea Anne McBride, a spokeswoman for Mr. Cheney, referred questions about the company’s plans to Halliburton.
The Dubai announcement, which Halliburton made at a regional energy conference in Bahrain, comes at a time when the company is being investigated by the Justice Department and the Securities and Exchange Commission over allegations of improper dealings in Iraq, Kuwait and Nigeria. Halliburton has also agreed to pay billions of dollars in settlements in asbestos litigation.
Halliburton would not elaborate on Sunday on what the shift of its top executive might mean for some of the issues it faces. The move seemed to raise questions about whether Halliburton might gain tax advantages or other benefits.
…Despite its recent problems, Halliburton posted record revenue, net income and margins last year.
Those Halliburton guys — what patriots! They obviously love America way more than the evil libruls who stick it out here in the US.