Halliburton Resolves Investigations Regarding Angola and Iraq Operations
July 27 2017 - 11:11AM
Business Wire
Halliburton Company (NYSE:HAL) today announced the resolution of
the previously disclosed investigations regarding the Company's
operations in Angola and Iraq. These investigations began after the
Company received an anonymous allegation in December 2010 of
possible violations of the Halliburton Code of Business Conduct and
the Foreign Corrupt Practices Act (FCPA), principally through the
use of a vendor to satisfy Angolan local content requirements.
Halliburton promptly reported the allegation to the Department of
Justice (DOJ), conducted a thorough internal investigation and
cooperated with investigations by the Securities and Exchange
Commission (SEC) and the DOJ. Over the intervening years,
Halliburton also continuously enhanced its global ethics and
compliance program.
To settle the SEC investigation regarding the alleged conduct in
Angola and Iraq, Halliburton, without admitting or denying any of
the factual findings, has consented to the entry of an
administrative order stating that in connection with its use of a
local content provider in Angola, the Company violated the books
and records and internal controls provisions of the FCPA. The
Company agreed to a total payment of $29.2 million for
disgorgement, prejudgment interest and a civil penalty, and to
engage an independent consultant to review aspects of its
compliance program in Africa.
Separately, the DOJ has advised the Company that it has closed
its investigation and will not be taking any action.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest
providers of products and services to the energy industry. With
approximately 50,000 employees, representing 140 nationalities and
operations in approximately 70 countries, the company serves the
upstream oil and gas industry throughout the lifecycle of the
reservoir - from locating hydrocarbons and managing geological
data, to drilling and formation evaluation, well construction and
completion, and optimizing production through the life of the
field. Visit the company’s website at www.halliburton.com. Connect
with Halliburton on Facebook, Twitter, LinkedIn, and YouTube.
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HalliburtonFor Investors:Lance Loeffler,
281-871-2688Halliburton, Investor
RelationsInvestors@Halliburton.comorFor Media:Emily Mir,
281-871-2601Halliburton, Public RelationsPR@Halliburton.com
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