Word: halliburtons
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...corporate carnage is beginning to take some particularly odd twists. Consider oil-field-services company Halliburton. Its Dresser Industries subsidiary, which was acquired in 1998, may still face 200,000 lawsuits from a unit, Harbison-Walker, that was spun off in 1992 and that declared bankruptcy on Feb. 14. Then there is Viacom, which, via its purchase of cbs in 2000, inherited Westinghouse Electric's 130,000 lawsuits. When Dow Chemical bought Union Carbide last year, its executives were well aware that they would be inheriting litigation--but didn't expect liability concerns to push its stock down...
Certainly nobody predicted the effect the phrase "asbestos liability" has had on the stock prices of Viacom, Halliburton and 3M, which have also taken recent hits. What is more disturbing, however, is that evidence suggests the number of recent claimants who are actually ill is on the decline; in other words, the number of healthy claimants is climbing. "The bulk of these people have no impairment," says Steven Kazan, a lawyer who represents only patients sick with asbestos-related diseases. In 1999, 12% of the Manville Trust's 31,700 claimants were sick with asbestos-related ills. Last year...
Dick Cheney's old company, Halliburton, agreed in April to pay $100 million for Magic Earth of Houston, which makes images like the one at left. Such 3-D computer maps are assembled from seismic data and, along with soaring energy prices, are helping drive the global oil-and-gas-exploration business. Magic Earth's "data-mining" software provides geologists with color-coded guides to rock formations and fluid densities. Its visual clues, says CEO Michael Zeitlin, can be analyzed more quickly and accurately than reams of numbers and graphs. And its improved accuracy means drilling fewer dry holes, reducing...
...fragile but indefatigable John Henry of this White House, the hardest-working man on the ticket and the one man his president cannot do without. He's also a die-hard Western conservative who until he rejoined the government made a fortune at the top of oil-services firm Halliburton. And he's tackling the present crunch in energy - really more of a crunch in cheap energy, which is not quite the same thing - the best way he knows how: With more energy...
...Cheney plan is certain to focus on increasing energy production. After all, you won't find any tree huggers in the White House: just a proud Texan who sank a few wells in the oil patch and his deputy, Cheney, a Texas transplant who made millions as CEO of Halliburton. Those ties give critics plenty to latch onto as the President and the Veep stump for achieving greater capacity by opening a pristine Alaskan preserve for oil drilling and by putting a new power plant online every week for the next 20 years...