Halliburton Hired For Clean-Up Of Katrina
Halliburton Hired For Clean-Up Of Katrina
http://www.chron.com/cs/CDA/ssistory...siness/3335685
9/1/2005
CONSTRUCTION
Halliburton hired for storm cleanup
The Navy has hired Houston-based Halliburton Co. to restore electric power, repair roofs and remove debris at three naval facilities in Mississippi damaged by Hurricane Katrina.
Halliburton subsidiary KBR will also perform damage assessments at other naval installations in New Orleans as soon as it is safe to do so.
KBR was assigned the work under a "construction capabilities" contract awarded in 2004 after a competitive bidding process. The company is not involved in the Army Corps of Engineers' effort to repair New Orleans' levees.
MANUFACTURING
Cooper Cameron buys Dresser units
Houston-based Cooper Cameron Corp. has agreed to buy certain businesses from Dallas-based Dresser for $224 million.
Cooper Cameron announced it is buying operations that make valves and other controls used by the oil and gas business. The operations are in the U.S. and six other countries and sell under names such as Grove, TK and Wheatley.
Revenues for the acquired businesses were $400 million in 2004 and earned a modest profit, according to Cooper Cameron. It predicted revenues will rise to $480 million for the current year.
ENERGY
Pioneer announces stock buyback plan
DALLAS - Pioneer Natural Resources Co., an independent oil and gas driller, said Thursday it will buy back $1 billion of its stock, raise its dividend 20 percent and exit exploration in the deep-water Gulf of Mexico.
The share buyback program would represent about 15 percent of Irving-based Pioneer's market value.
Pioneer plans to pay for the shares through borrowing and selling assets, including some in the Gulf and Argentina.
The company said the moves would focus on onshore drilling in North America and result in more consistent production.
