Halliburton Completes Work in Iran

Halliburton on Monday announced that all of its contractual commitments in Iran have been completed and the company is no longer working in Iran. The winding down of Halliburton's work came as the result of a decision announced in January 2005 that only contractual commitments existing at that time would be honored, and that no new work would be accepted going forward.

Halliburton said that its prior business in Iran was clearly permissible under applicable laws and regulations.

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 45,000 employees in nearly 70 countries, the company serves the upstream oil and gas industry throughout the life cycle of the reservoir--from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.