Rep. Henry Waxman released the first analysis of Halliburton's RIO 2 contract to restore Iraq's southern oil fields.

The examination of previously undisclosed correspondence, evaluations, and audits reveals that government officials and investigators have harshly criticized Halliburton's performance under RIO 2.

The documents disclose an "overwhelmingly negative" performance, including:

* Intentional Overcharging: Halliburton repeatedly overcharged the taxpayer, apparently intentionally. In one case, "cost estimates had hidden rate factors to increase cost of project without informing the Government."

In another instance, Halliburton "tried to inflate cost estimate by $26M."

In a third example, Halliburton claimed costs for laying concrete pads and footings that the Iraqi Oil Ministry had "already put in place."

* Exorbitant Costs: Halliburton was "accruing exorbitant indirect costs at a rapid rate."

Government officials concluded that Halliburton's "lack of cost containment and funds management is the single biggest detriment to this program.