Cheney sold $35 million in Halliburton stock in August
WASHINGTON (Reuters) - Republican vice presidential candidate and former Halliburton Co. Chairman Dick Cheney sold 660,000 common shares, valued at about $35 million, of the oil field services company in August, a recently released government filing showed.
Cheney, who raised concerns that his financial stake in Halliburton may pose a conflict of interest if he wins the election, had exercised Halliburton stock options, according to a Securities and Exchange Commission filing.
The regulatory document was publicly released by the SEC on Monday.
The filing showed Cheney still holds options on 500,000 shares that have exercise prices ranging from $28.13 to $54.50 a share. The options expire each December in the years 2007, 2008 and 2009.
In addition, he directly holds 189,800 shares.
Cheney, a former defense secretary and White House chief of staff, has said he is ready to forfeit any options that have not vested by the time he assumes office.
Stock options allow someone to buy stock at a fixed price, which, in the case of Cheney, can be below what the trading price is at the time the option is exercised.
The SEC filing showed that Cheney exercised options for 300,000 shares on Aug. 21 for $21 a share. He sold the stock the same day for $52.28 a share.
The day after that, he exercised options for 95,000 shares at $26.44 each, then sold them for $52.99 a share.
All of the sales occurred between Aug. 21-28.
Halliburton is currently trading for $53.63 a share on the New York Stock Exchange.
Cheney also transferred 39,200 shares, valued at $54 each, to Halliburton on Aug. 24 as payment of a federal income tax withholding obligation on the lapse of restrictions of shares issued under Halliburton's 1993 stock and long term incentive plan.
The plan allowed Cheney to satisfy the tax obligation by transferring the unrestricted shares to the company, the filing said.
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