Halliburton chairman and chief executive Dave Lesar said Wednesday he'll leave for his new home and office in Dubai at week's end as the oilfield services conglomerate begins splitting its corporate headquarters between the United States and the United Arab Emirates.
Halliburton announced the decision to create a second corporate office in March, saying it will place the company closer to important oil and gas markets.
Lesar, speaking at Halliburton's annual stockholder meeting in this Houston suburb, reiterated the company will gain no special tax or legal advantages from the move.
"Halliburton has been and will continue to be a U.S. company and therefore a U.S. taxpayer," Lesar said. "I personally will remain a U.S. citizen and a U.S. taxpayer."
Speaking briefly to reporters after the 20-minute meeting, Lesar said the motive for the move is simple: to go where business is increasing and where prospects for growth are high, and that happens to be the Eastern Hemisphere.
The Middle East, for example, is home to some 60 percent of the world's proven oil reserves, but it's been explored and drilled far less intensively than North America. That's changing, however, because of rising energy demand from China, India and the United States.
And it bodes well for Halliburton, which provides a variety of services for companies working in the oil fields, such as seismic surveys, well construction and reservoir management. Last month, the company said its first-quarter profit rose 13 percent, driven largely by increased business in the Middle East.
"I can go over and help the individuals and the management in the Eastern Hemisphere try to build the kinds of relationships that will grow our business as we move forward," Lesar said. Source
Halliburton announced the decision to create a second corporate office in March, saying it will place the company closer to important oil and gas markets.
Lesar, speaking at Halliburton's annual stockholder meeting in this Houston suburb, reiterated the company will gain no special tax or legal advantages from the move.
"Halliburton has been and will continue to be a U.S. company and therefore a U.S. taxpayer," Lesar said. "I personally will remain a U.S. citizen and a U.S. taxpayer."
Speaking briefly to reporters after the 20-minute meeting, Lesar said the motive for the move is simple: to go where business is increasing and where prospects for growth are high, and that happens to be the Eastern Hemisphere.
The Middle East, for example, is home to some 60 percent of the world's proven oil reserves, but it's been explored and drilled far less intensively than North America. That's changing, however, because of rising energy demand from China, India and the United States.
And it bodes well for Halliburton, which provides a variety of services for companies working in the oil fields, such as seismic surveys, well construction and reservoir management. Last month, the company said its first-quarter profit rose 13 percent, driven largely by increased business in the Middle East.
"I can go over and help the individuals and the management in the Eastern Hemisphere try to build the kinds of relationships that will grow our business as we move forward," Lesar said. Source
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