Halliburton Reaches Profitability in Iraq

Announcing a 60% increase in net income for 2010, Halliburton‘s chairman, president, and chief executive officer, Dave Lesar (pictured), commented on the company’s Iraqi operations:

I am very pleased with our results on the international front. Key markets including Norway, West Africa, Iraq, and Algeria experienced increased activity … We continue to win significant additional awards in Iraq.

We, therefore, are investing heavily in our infrastructure and incurring mobilization costs. I am pleased to announce that we were modestly profitable in the fourth quarter in Iraq, several quarters ahead of schedule.

We now have nearly 600 employees in Iraq with a plan to have 1,200 employees in 2011 to handle the work we have been awarded.

(Source: Halliburton)

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