The Securities and Exchange Commission has turned a preliminary investigation of Halliburton Co. construction accounting into a formal probe, the company said on Dec. 19. In May, Halliburton said the SEC had begun a preliminary investigation of its accounting on cost overruns on construction projects. Those jobs were performed by Halliburton's Kellogg Brown & Root subsidiary.
Under a formal investigation, the SEC has the ability to subpoena third parties to gain access to information it is seeking.