Jim Cramer Blog

Halliburton said it was moving its CEO, David J. Lesar, to a new corporate headquarters in the United Arab Emirates as it concentrates on serving state-owned oil companies in the Middle East. Halliburton is also spinning off its military contracting unit -- KBR -- so it can focus its main business -- drilling wells and maintaining oil wells for energy companies. The company -- which was run by Dick Cheney before he became vice president -- will still be registered in the U.S. Still, sending the CEO from Houston to the Persian Gulf region is a wise move, said analyst Barbara Struck of Energy Intelligence Group. "That's where the bulk of the work is going to be in the future," she said.

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