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Statement from Dave Lesar, Halliburton’s CEO, at the Annual Shareholder’s Meeting in Houston, Texas
As we reflect back on the previous year, it has been like no other that I can remember. We have become the most scrutinized company in America, not because of our performance, but because of politics.
In fact, to demonstrate the change in how our company is being analyzed, I would ask you to look around the room. Most of you have never covered a Halliburton annual meeting before today.
With that said, we have made tremendous strides in business.
We are approaching the finish line for resolution of the company’s asbestos liability. The bankruptcy court has completed hearings on confirmation of our proposed plan of reorganization and we hope that KBR will emerge from bankruptcy by the end of the year. Halliburton remains financially strong and we look forward to putting this asbestos matter behind us.
The outlook for our business is improving, particularly in our important energy services and LNG businesses. As you know, commodity prices have been sustained at high levels, demand remains strong and the global economy has been growing. As our customers now have much stronger balance sheets, I believe this bodes well for increased capital spending and a longer-term recovery in our business.
I think the real story about what has happened over the last year is that the stock performance has shown the fundamental strength of the company and shareholders recognize this. We believe the criticism of the company has been politically motivated. The fact that our stock price has increased over the past year demonstrates the value of our core operations. It also demonstrates that investors and those with whom we do business see the criticism for what it is.
It has been a hard year as we’ve lost four co-workers in the helicopter accident in the Gulf of Mexico and with the death of 35 of our colleagues and subcontractors in Iraq. But Tommy Hamill’s safe return two weeks ago lifted the spirits of the more than 100,000 Halliburton employees.
We do not expect the political pressure or the difficulty of the job to let up in the near future. Know this…We are proud to serve the military all over the world, including Iraq. Everyone here is committed to do this work until the job is done. We will make sure that soldiers get breakfast, lunch and dinner, get their laundry done and receive mail from home. And we will continue to help with the rebuilding in Iraq … because that is our job.
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