Halliburton is a giant corporation that deals with oil and gas by providing services in drilling wells through prospecting and properly exploiting other energy sources for different companies that need them. In addition, the organization also includes the proper management of the various energy sources, with an aim of maintaining sustainable production levels. Halliburton operates in over one hundred countries across the continent and for this reason; it has mapped out strategic operational methods to stay ahead of competitors in a rapidly changing sector.
In order to remain on top in oil and gas industry, Halliburton has put in place a working strategy. The management of the company has established plans that add value to the company’s profile. In order to retain its customers, the company has upgraded the quality of its products and services (Kerzner, 2009). This has been made a reality through hiring the best brains in the market to ensure that quality standards are maintained. In addition, the company has recognized the need to have a workforce that is properly remunerated, to avoid losing workers to its competitors and to motivate them, thereby improving their services.
In a bid to evaluate the plans of the management, the company has established different departments in different geographical areas. The company owns offices in all places of operation. Its main office is located in Houston Texas, but it has headquarter is in Middle East, Dubai. To corporate the risk control, it allows the company to control risks. The company’s plan is to realize its vision and to respond to the customer’s needs. Through perfect planning, the company has managed to maximize its growth to multibillions dollars. Were it not for the proper planning, things would have been different in Halliburton today.
However, the company has dealt with myriad legal issues, which has affected heavily on its operations. The management has had to come clean after accusations of improper ethical behavior were leveled against it. The company has had to relocate to avoid restrictive taxes, some of which were eating into its profits. It should be noted that former US Vice President Dick Cheney was CEO from 1995 and he served for a five-year term. His initial management style doubled its revenue. Hitherto an influential politician in US, he used his connections to win the company massive contracts. This raised clamor from the industry’s competitors, alleging the playing field was titled in favor of Halliburton. This posed a serious ethical and legal challenge for Halliburton’s management.
It is essential to note that the company’s slide was brought about by myriad failures to adhere to proper policies that govern both Government and private multinationals. To make matters worse Halliburton came into scrutiny from the Securities and Exchange Commission for its failure to keep into account books in a transparent manner. The inflation of their accounts, among other improprieties in their financial records, led to their investigation by the commission. This cheating in their accounts had the express aim of cheating the Government out of its dues, namely taxes. This has led to a significant downfall in terms of profitability and company profile.
Its share prices took a giant hit as many investors opted to pull out their money. Halliburton is now a superb example of how a leading company can fall because of ineffective management, strategy and tactical planning. The public, shareholders and other stakeholders lost trust in Halliburton and as a result, the profits took a nosedive. The energy giant has managed to stay afloat because of new structures at the management level. Required standards of operating have been put in place and it is now reclaiming its lost glory. The new company chiefs have put in a system to address legal, ethical and operational issues.
Forging mutually beneficial partnerships with Governments and other industry players has been key in unprecedented rise in Halliburton’s profitability. Good partnerships with other industry players have been part of the corporation’s strategy in maintaining a firm holds of the market for its diverse services. Halliburton has always been keen not to antagonize the host Government and other industry players, as this would negatively affect its operations in the host country. Partnering the Government in launching medical and other services for communities living around its sites has been key to its continued survival and success (Enrick, 2007). The company has also created employment opportunities to people living around it, providing decent remuneration to them. This has not only endeared it to the local populace but also the Governments.
It is essential to note that Halliburton believes in giving deserving and able-bodied individuals opportunity of joining its work force. Instead of wasting resources in calling in expatriates, the company first invites interested local workers to apply. This has not only significantly reduced its expenditure but also created employment for locals, thereby reducing the rate of unemployment
Safety has been another significant consideration in Halliburton’s operations. The company has invested heavily in safety equipment that meets the set international standards. Incidences of accidents are rare and in the few occasions that the accidents have happened, only minor injuries such as scratches and bruises have occurred. The company recognizes the importance of high standards of safety at its areas of operation. Part of the contingency measures to deal with safety issues has been setting up rapid-response teams of specially trained personnel to deal with any safety issues that may arise. The safety of the workers and communities living around the sites has been secured by an efficient monitoring team.
In the few instances that minor accidents have occurred, appropriate compensation and healthcare have been provided by the company. Halliburton believes adhering to the laid down Laws in the areas, its sites are located.
Halliburton is on a firm path to new success in the global energy industry. Its new management team and upgrading of its tools of operations have reclaimed the trusted earlier lost. It now has a massive number of subsidiaries that reach far and wide, one of the strategies re-launched to get as many as possible customers on board (Chatterjee, 2009).
It also boasts of a commendable number of branches in all the continents and this has given it an edge over other industry players. To put the icing on the cake, it has also pledged significant amounts of money to its foundation, which assists communities of the countries where it has a presence. Pledging part of its profits to charitable causes has endeared it to shareholders, employees, Governments and other stakeholders.
Chatterjee, P. (2009). Halliburton’s army: how a well-connected Texas oil company revolutionized the way America makes war. Texas: Nation Books
Enrick, N. (2007) Management planning: a systems approach. New York: TATA McGraw-Hill
Kerzner, H. (2009) Project Management: A Systems Approach to Planning, Scheduling, and Controlling (10th ed). New York: John Wiley and Sons
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