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July 23, 2004

More proof that crime either does or doesn't pay

Halliburton Reports $663 Million Loss, reports the AP. [Permalink to the NYT.]

An unexpected charge on a troublesome project off the coast of Brazil pushed Halliburton Co. to a $663 million net loss in the second quarter, the company announced Friday.

I hate it when that happens.

The losses came despite revenues of $4.96 billion, up 38 percent from year-ago revenues of $3.60 billion. Halliburton said the increase in revenues was ``largely attributable'' to its KBR subsidiary's government contracts in the Middle East. Congress is investigating allegations that Halliburton overcharged the government on contracts related to the U.S.-led invasion of Iraq, and the company denies any wrongdoing.

How frustrating. Dick will be so pissed when he reads about this in his deferred compensation report.

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