I see those no-bid contracts are really working out because Halliburton is oh so competent. :sarcasm:
http://www.truthout.org/docs_04/121004A.shtmlFact Sheet
Halliburton's Iraq Contracts Now Worth over $10 Billion
The value of Halliburton's Iraq contracts has crossed the $10 billion threshold. Halliburton has now received $8.3 billion in Iraq work under its LOGCAP troop support contract and $2.5 billion under its no-bid Restore Iraqi Oil (RIO) contract, a total of $10.8 billion.
The mounting value of the contracts has been accompanied by a growing list of concerns about Halliburton's performance. Over the last year, government auditors have issued at least nine reports criticizing Halliburton's Iraq work, and there are multiple criminal investigations into overcharging and kickbacks involving Halliburton's contracts. Former Halliburton employees have testified before Congress about egregious instances of over billing. Despite these concerns, the Bush Administration continues to reject the recommendations of its auditors that 15% of Halliburton's LOGCAP reimbursements be withheld until the company can provide better substantiation for its charges.
Value of the Contracts
Halliburton has several major contracts in Iraq. The largest, called the Logistics Civil Augmentation Program (LOGCAP), is a cost-plus contract to provide support services to the troops. As of December 2, 2004, the value of Halliburton's Iraq task orders under LOGCAP was $8.26 billion. (1)
The second largest Halliburton contract is the cost-plus RIO contract to restore and operate Iraq's oil infrastructure, which Halliburton was awarded on a no-bid basis in March 2003. The value of the work Halliburton performed under this contract is $2.51 billion. (2)
The combined value of these two contracts is $10.77 billion. This is significantly more than any other contractor has been awarded in Iraq. For example, the maximum value of Bechtel's Iraq infrastructure contracts is $2.8 billion. Halliburton will reap profits of between $133 million and $424 million on its two contracts. (3)
The actual value of Halliburton's Iraq contracts is likely higher than $10.77 billion. In January 2004, Halliburton received a follow-on oil contract for southern Iraq worth up to $1.2 billion. The Administration has not disclosed the value of the work given to Halliburton under this contract.
much more...