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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