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Tuesday, January 27, 2009
Halliburton reported that its Q4 2008 profits fell 32% over the same period in the previous year. The loss was partially attributed to a potential settlement of corruption charges originating from the US Department of Justice (DoJ) involving its former subsidiary, KBR.
Halliburton said it would pay $559 million to settle allegations that its former KBR unit broke US law by paying kickbacks to Nigerian officials to win work on a liquefied natural gas plant. As part of its potential settlement, Halliburton said it has agreed to pay $382 million on KBR’s behalf over the next two years to the DoJ and $177 million to the Securities and Exchange Commission (SEC).
KBR’s former chief executive Albert "Jack" Stanley pleaded guilty to conspiring in a scheme to bribe Nigerian government officials in return for engineering and construction contracts. Stanley acknowledged in his plea that a four-company joint venture including KBR paid about $182 million to consulting companies that then paid bribes to several Nigerian government officials.
The potential payment to the DoJ and SEC were not the only contributing factor to the fall in profits, lower profits due to oil prices played its part. Companies across the oil and gas sector are expected to post mostly lower results for Q4 2008 due to the collapse of oil prices.
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