Halliburton's product and services, down at the operating level, are among the best in the business. He leaves it in a better position than when he began his career there.

If you look at Halliburton's history and financial statements, the oilfield services business has materially higher margins than does the engineering and construction side, and this would be a small chunk of the engineering and construction business.

Over the next few weeks, we expect oil service companies to post strong fourth-quarter results and likely provide bullish guidance for 2006, including positive data points on both activity and pricing trends, which should fuel sharp earnings growth for oil service companies over the next few years and ultimately push stock prices higher.