Halliburton CEO Dave Lesar said at a briefing Tuesday the company is seeking investors to take long-term stakes in its eastern hemisphere operation. Halliburton also wants to pursue $80 billion in oil service projects around the world over the next five years and is evaluating 60 such projects. The company recently moved its corporate HQ to Dubai in the U.A.E. and is now contemplating a dual listing on the Dubai International Financial Exchange. Lesar told the briefing the company would "welcome a Middle East investor taking a major equity stake." Addressing the 60 projects Halliburton is interested in, Lesar said the company will not bid for any new work in Iran or Iraq. The company plans to hire up to 14,000 new employees this year. Lesar also forecast higher revenue numbers for Halliburton this year, reflecting strong market conditions.
Sources: Reuters, MarketWatch
Commentary: Ten Stock Picks From Barbara Marcin of Gamco Investors • Halliburton: Move to Dubai Will Turn Off Many An Investor • Halliburton: Is Its Discount Warranted?
Stocks/ETFs to watch: Halliburton Co. (HAL). Competitors: Schlumberger Limited (SLB), Technip (TKP). ETFs: Oil Services HOLDRs (OIH), iShares Dow Jones US Oil Equipment Index (IEZ), PowerShares Dynamic Oil & Gas Services (PXJ)
Conference call transcripts: Q4 2006
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