Sale or Spinoff of KBR Said Not Imminent

All those tax dollars must be paying off big for investors ...

HOUSTON (AP) - Halliburton Co. remains intent on selling or spinning off KBR, its engineering and construction unit that is the largest U.S. contractor in Iraq, but executives at the oilfield-services conglomerate told analysts Tuesday no such action is imminent.

"No timeline has been set for the separation of KBR," Chief Financial Officer Cris Gaut said as executives discussed third-quarter earnings, which were released after financial markets closed Monday. "We will consider an initial public offering as well as private transactions."

Shares of Halliburton, which beat Wall Street's average third-quarter profit forecast but missed revenue expectations, fell $3.05, or nearly 5 percent, to $58.04 in midday trading Tuesday on the New York Stock Exchange. Shares have traded in a 52-week range of $33.62 to $69.78.

Halliburton President and CEO Dave Lesar also told analysts Tuesday that the company was working to resolve disputes with Pentagon auditors over contracts to rebuild Iraq's oil industry and supply fuel to its citizens under the Restore Iraqi Oil program. The company said KBR would announce results of those efforts to resolve allegations of overbilling once negotiations are complete.

more...

http://www.lasvegassun.com/sunbin/stories/invest-corp/2005/oct/25/102505858.html

let it take responsibility (nope not mine) and move on. :grr: