Halliburton Completes Sale of Russia Operations

Rhea-AI Summary

Halliburton Company (NYSE: HAL) has successfully completed the sale of its operations in Russia to a management team formed by former Halliburton employees. Following this transaction, Halliburton will cease all operations in Russia. The new entity, operating under the name BurService LLC, is now fully independent of Halliburton and manages the former business and assets in Russia.

Positive

• Successful divestiture of Russian operations reduces exposure to geopolitical risks.
• Transition to a management team of former employees may preserve customer relationships and operational stability.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Halliburton Company (NYSE: HAL) today announced it completed the sale of its Russia operations to a Russia-based management team made up of former Halliburton employees. As a result, Halliburton no longer conducts operations in Russia.

The Russia-based management team now owns and operates Halliburton’s former business and assets in Russia under the name BurService LLC, which is independent from Halliburton.

ABOUT HALLIBURTON

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 45,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220908006078/en/

Investor Relations Contact

David Coleman

investors@halliburton.com

281-871-2688

Press Contact

Brad Leone

pr@halliburton.com

281-871-2601

Source: Halliburton Labs

FAQ

What operations did Halliburton divest in Russia?

Halliburton completed the sale of its operations in Russia, now managed by BurService LLC.

Who acquired Halliburton's Russian operations?

A management team formed by former Halliburton employees acquired the Russian operations.

What is the new name of Halliburton's former Russian business?

The former Russian business operates under the name BurService LLC.

What stock symbol is associated with Halliburton?

Halliburton trades under the stock symbol HAL on the NYSE.