Entrepreneurial Leadership

In: Business and Management

Submitted By gjamerican
Words 956
Pages 4
Halliburton: Monica Burnside

In 1998, Halliburton decided to acquire their rival energy service company, Dresser Industries, Inc. Once the two companies merged, Halliburton issued 176 million new shares of the company’s common stock to Dresser shareholders. By issuing the new shares, Halliburton increased their outstanding common shares from 263 million to 439 million. (Halliburton, 1998) “Combined revenues for 1997 were $16.3 billion and net income was $772 million ($1.77 per share diluted). For the first six months of 1998 revenues were $8.8 billion and net income was $447 million ($1.01 per share diluted). At June 30, 1998 the combined company had shareholders equity of $4.6 billion and long-term debt of $1.3 billion. Halliburton's June 30, 1998 engineering and construction backlog was $11.3 billion. The company expects to recognize a 1998 third quarter one-time pretax charge of approximately $900 million to provide for consolidation, restructuring and merger related expenses. Additional merger related expenses will be incurred in the future which does not qualify for the one-time charge” (Halliburton, 1998). The CEO of Halliburton in 1998, Dick Chaney, decided to merge the two companies to focus on long-term benefits for the company. The company decided that by merging the two companies they would benefit the company’s stakeholders. The merger was supposed to increase operating income and lower the structure cost. Halliburton made $195 million in the third quarter in 1998 compared to $218 million in the third quarter in 1997 before the company merged with Dresser. (Halliburton, 1998) These figures include restructure cost and merger expenses. The merger between the two companies was supposed to be Cheney’s high point with the company. The merger ended up weighing down the company with the growing costs of legal claims from people who said…...

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