Halliburton Profits Hit By $559M DOJ, SEC Deals

Law360, New York (January 26, 2009, 12:00 AM EST) -- Halliburton Co. said Monday that its fourth-quarter profits plummeted 32 percent, mainly due to pending settlements totaling $559 million to end two U.S. agencies' corruption investigations of former subsidiary Kellogg Brown & Root Inc.

In addition to the global economic crisis and declining oil prices, the oilfield services giant announced its bottom line took a hit in the final quarter of 2008 as a result of a $382 million settlement the company had agreed to pay over the next two years to the DOJ, as well...
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