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Report: Former Halliburton chairman to set up new oil services firm

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Report: Former Halliburton chairman to set up new oil services firm

Former Halliburton Co. Executive Chairman Dave Lesar plans to start a new oilfield service company using funding from private equity firm CSL Capital Management, Bloomberg reported Jan. 15, citing comments from CSL Capital Management LP founder Charles Leykum.

Leykum said in an interview with Bloomberg that Lesar's new venture will not compete with Halliburton; however, Leykum did not disclose any specifics. Bloomberg reported that Lesar's employment agreement with Halliburton contained a four-year noncompete clause.

"I will not compete with Halliburton, but it is a big space out there," Lesar said in an interview with Houston Business Journal cited by Bloomberg.

Lesar stepped down as executive chairman of Halliburton on Dec. 31, 2018.