HOUSTON, Jan. 3 /PRNewswire-FirstCall/ -- Halliburton (NYSE: HAL)
announced today that the District Court's affirmation order and the Bankruptcy
Court's order confirming the plan of reorganization filed by DII Industries,
Kellogg Brown & Root (KBR) and other affected Halliburton subsidiaries are now
final and non-appealable.
"This is exceptional news for Halliburton's employees, customers and
shareholders. I am pleased that we have taken our final step and permanently
resolved our asbestos liability," said Dave Lesar, chairman, president and
chief executive officer of Halliburton. "The asbestos chapter in
Halliburton's history is closed."
The Debtors are out of the chapter 11 proceedings and can operate their
businesses without Bankruptcy Court supervision.
Halliburton anticipates funding the trusts for current and future asbestos
and silica claimants by the end of January 2005.
Halliburton, founded in 1919, is one of the world's largest providers of
products and services to the petroleum and energy industries. The company
serves its customers with a broad range of products and services through its
Energy Services and Engineering and Construction Groups. The company's World
Wide Web site can be accessed at http://www.halliburton.com .
NOTE: The statements in this press release that are not historical
statements, including statements regarding future financial performance, are
forward-looking statements within the meaning of the federal securities laws.
These statements are subject to numerous risks and uncertainties, many of
which are beyond the company's control, which could cause actual results to
differ materially from the results expressed or implied by the statements.
These risks and uncertainties include, but are not limited to: legal risks,
including the risks of being unable to complete the proposed settlement of
asbestos and silica liabilities, the risks that a completed settlement of
asbestos and silica liabilities may not address all asbestos and silica
exposure, the risks of having material subsidiaries in Chapter 11 proceedings,
the risks of audits and investigations of the company by domestic and foreign
government agencies and legislative bodies and potential adverse proceedings
and findings by such agencies, the risks of judgments against the company's
subsidiaries and predecessors in asbestos litigation pending and currently on
appeal, the inability of insurers for asbestos exposures to pay claims or a
delay in the payment of such claims, future asbestos claims defense and
settlement costs, the risks of judgments against the company and its
subsidiaries in other litigation and proceedings, including shareholder
lawsuits, securities laws inquiries, contract disputes, patent infringements
and environmental matters, legislation, changes in government regulations and
adverse reaction to scrutiny involving the company; political risks, including
the risks of unsettled political conditions, war and the effects of terrorism,
foreign operations and foreign exchange rates and controls; liquidity risks,
including the risks of potential reductions in debt ratings, access to credit,
availability and costs of financing and ability to raise capital; weather-
related risks; customer risks, including the risks of changes in capital
spending and claims negotiations; industry risks, including the risks of
changes that affect the demand for or price of oil and/or gas, structural
changes in the industries in which the company operates, risks of fixed-fee
projects and risks of complex business arrangements; systems risks, including
the risks of successful development and installation of financial systems; and
personnel and merger/reorganization/disposition risks, including the risks of
increased competition for employees, successful integration of acquired
businesses, effective restructuring efforts and successful completion of
planned dispositions. Please see Halliburton's Form 10-K/A for the year ended
December 31, 2003 and Form 10-Q for the quarter ended September 30, 2004 for a
more complete discussion of such risk factors.
SOURCE Halliburton
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Related links:
http://www.halliburton.com
CONTACT:
Paul Koeller, Investor Relations,
+1-713-759-2688, or Wendy Hall, Public Relations,
+1-713-759-2605, both of Halliburton
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