Company News - Halliburton issues payment for alleged overbilling

02/02/2004
Halliburton Co. reported Jan. 23 the issuance of a $6.3 million payment to its customer, Army Materiel Command, to cover "the potential overbilling charges" made by a Kuwaiti subcontractor on one of the company's contracts to restore war-torn Iraq's oil infrastructure."We will bear the cost of the overcharge—not the government," said Halliburton unit KBR Pres. and CEO Randy Harl in a statement released Jan. 23.In other recent upstream news:China National Petroleum Corp. subsidiary Sapet Development Corp. agreed to buy 45% of Argentina's Pluspetrol SA's oil reserves and production in Blocks 1AB and 8 in Peru's northern jungle for $200 million.Range Resources Corp....
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