In a presentation to investors, Gaut also forecast revenue growth for the energy services group of the company of 20 percent per year or more over the next three to five years.

Once it spins off an interest in its engineering and construction arm KBR, Halliburton will be more of a pure-play energy services company.

Gaut said the company would use the proceeds from the initial public offering of a KBR stake to help fund its acquisition strategy.

The company will spend $1 billion to $2 billion a year on deals, Gaut said, to add technology, expand its geographic reach and make better use of its distribution network.

"It's an additive strategy, not a transformative strategy," Gaut said at the investor and analyst day, monitored via Web cast.

Earlier in the day, Chairman and Chief Executive Dave Lesar said the company had completed a turnaround, after years of being battered by asbestos liabilities and other issues.

"We are leaner, meaner, tougher and more focused than we've ever been," said Lesar, who succeeded Vice President Dick Cheney as CEO. "We've got the best set of management we've ever had in this company."