Economists are forecasting a recession, U.S. company profits in almost all sectors are taking a hit, and many American families cannot say they are better off than they were eight years ago. But one giant oil services company is weathering the economic storm quite well. Reuters reports Halliburton “said on Monday that first-quarter profit rose 6 percent as customers in markets including the Middle East and Asia spent more on oil and gas exploration and production”:

In North America, Halliburton’s revenue rose 11 percent to $1.86 billion while operating income was nearly flat at $491 million.

Halliburton said revenue outside North America soared 24 percent to $2.16 billion, while operating income rose 21 percent to $422 million.

Yesterday, Halliburton announced that it would be moving its corporate headquarters from Houston to Dubai. Reincorporating in Dubai would mean that Halliburton — which earned $2.3 billion in profits last year — “will be paying less taxes to the U.S. Treasury, even as it collects billions from government contracts.”

House Government Oversight Chairman Henry Waxman (D-CA) said he will soon hold a hearing on the matter to “understand the ramifications for the U.S. taxpayer and national security.” One lobbyist said, “If there’s a huge tax shift, then it’s taking money from U.S. taxpayers while they’re taking no-bid contracts.”

Reacting to Halliburton’s announcement, Senate Judiciary Committee Chairman Patrick Leahy (D-VT) told ABC News it was “an insult to the U.S. soldiers and taxpayers.” Watch ABC’s segment:

UPDATE: Sen. Hillary Clinton (D-NY): “I think it is disgraceful that American companies are more than happy to try to get no-bid contracts like Halliburton has and then turn around and say we are not going to stay with our Chief Executive Officer or the President of our company in the U.S. anymore. Well I am proud to be an American and I am proud to be part of the greatest country in the world.”

Sen. Chuck Schumer (D-NY): “For one of the largest contractors with the United States government to move its headquarters overseas? [It] just doesn’t look good, doesn’t sound good, doesn’t smell good.”

UPDATE II: Sen. Byron Dorgan (D-ND): “I want to know, is Halliburton trying to run away from bad publicity on their contracts?”

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