Oilfield

Oilfield services giant Halliburton said Friday that it was terminating its relationship with A. Jack Stanley, a consultant and former chairman of its subsidiary Kellogg, Brown & Root (KBR), because of a bribery scandal involving work done at a Nigerian liquefied natural gas (LNG) export terminal. Another consultant and former employee of M.W. Kellogg Ltd., a joint venture in which KBR has a 55% interest, also is being terminated.

In one of the largest settlements ever, Halliburton, the Houston-based oilfield services company that was once run by Vice President Dick Cheney, agreed to pay $4 billion to settle all present and future asbestos claims, allowing the $13 billion company to continue business as usual while providing for victims of asbestos exposure. The company also disclosed last week that it is under formal investigation by the Securities and Exchange Commission into disclosure and accounting practices during the vice president’s tenure as chief executive from 1995 to 2000.

Drilling and oilfield services firm Nabors Industries Ltd. said the continuing depressed drilling market and low margins in part led to a 75% drop in its net income in the third quarter to $26.9 million, or 18 cents/diluted share, from $108.2 million or 68 cents/diluted share in 3Q2001.

Drilling and oilfield services firm Nabors Industries Ltd. said the continuing depressed drilling market and low margins in part led to a 75% drop in its net income in the third quarter to $26.9 million, or 18 cents/diluted share, from $108.2 million or 68 cents/diluted share in 3Q2001.

Infinity Inc., the largest oilfield services company in easternKansas and northeastern Oklahoma, and an emerging independent oiland gas producer, acquired a 100% working interest in an additional4,775 acres in Wyoming’s Green River Basin. The new acreage isadjacent to the recently announced property acquired by Infinityand gives the company an interest in a total of 20,595 gross acres.