Asbestos settlement completed and record quarterly revenue for ESG
HOUSTON, Jan. 28 /PRNewswire-FirstCall/ -- Halliburton (NYSE: HAL)
announced today that fourth quarter 2004 income from continuing operations was
$183 million, or $0.41 per diluted share.
Net loss for the quarter was $201 million, or $0.45 per diluted share, and
included a loss from discontinued operations of $384 million, or $0.86 per
diluted share. The loss from discontinued operations resulted primarily from
the fourth quarter revaluation charge arising from the increase in the value
of the 59.5 million shares of Halliburton common stock that have subsequently
been contributed to the trust for the benefit of asbestos claimants.
Consolidated revenue was $5.2 billion in the fourth quarter 2004, down 5%
from the fourth quarter 2003. This decrease was largely attributable to lower
activity on government services projects in the Middle East in KBR, and was
partially offset by record quarterly revenue in the Energy Services Group
(ESG).
Consolidated operating income was $349 million in the fourth quarter 2004
compared to $303 million in the fourth quarter 2003. Impacting fourth quarter
2004 operating income was a $33 million loss for two integrated solutions
projects in southern Mexico, a $22 million charge, as previously announced,
related to the restructuring of KBR, a $14 million gain related to the sale of
ESG's surface well testing (SWT) operations, and an $11 million charge for an
intellectual property settlement related to the sale of Subsea 7.
"The fourth quarter was a busy and important one for the future of
Halliburton," said Dave Lesar, chairman, president and chief executive officer
of Halliburton. "We ended our asbestos exposure. We completed the
restructuring of KBR into two business segments, and achieved significant
milestones on each of our three remaining offshore lump sum construction
contracts, which significantly reduces our risk exposure on these projects.
Our ESG operation had a record quarter for revenue and the highest fourth
quarter margin ever. We achieved a 17.1% margin, even after recording the
charges for the integrated solutions projects, the intellectual property
settlement, and the gain on sale of SWT, which in aggregate decreased the
margin by 1.4 percentage points. For the year 2004, we established new records
in revenue and operating income for three of the four ESG segments. For the
fourth quarter, the total ESG group achieved record revenue that was driven by
our Production Optimization and Drilling and Formation Evaluation segments.
We were especially pleased to see fourth quarter revenue grow by three percent
over the third quarter, which historically has been our highest quarter of the
year. This supports our view that prices and demand for our services continue
to increase. Our customers are expected to continue to increase their
spending, which will allow for a strong market for our services to continue
through 2005 and beyond. We also believe that KBR is now positioned for
profitability."
2004 Fourth Quarter Segment Results
Energy Services Group
ESG posted fourth quarter 2004 revenue of $2.2 billion, a $371 million or
21% increase over the fourth quarter 2003, and operating income of $370
million, up $129 million or 54% from the same period in the prior year.
Production Optimization operating income for the fourth quarter 2004 was
$209 million, an increase of $94 million, including an additional gain of $14
million in the fourth quarter 2004 on the sale of the SWT operations. A
portion of the gain on the sale of SWT operations had not been recognized in
the third quarter as a result of ESG's continuing involvement with portions of
the operations in certain countries. Production enhancement services improved
operating income by $54 million, driven by increased land rig activity, higher
equipment utilization, and improved pricing in the United States.
WellDynamics posted record revenue and operating income in the quarter with
significant sales of its SmartWell(R) intelligent completion technology in the
Middle East. Equity income from Subsea 7 increased $20 million, as fourth
quarter 2003 was negatively impacted by project losses and lower vessel
utilization.
Fluids operating income for the fourth quarter 2004 was $102 million, a
$29 million or 40% increase over the fourth quarter 2003. This increase was
partially attributable to a $19 million increase in cementing services
operating income primarily due to higher land drilling activity and improved
pricing in the United States marketplace. Drilling fluids services operating
income increased $11 million on strong United States land activity and
improved results in Western Europe.
Drilling and Formation Evaluation operating income of $59 million was up
$42 million over the prior year fourth quarter. This increase was primarily
due to increased activity in the North Sea, Asia Pacific, and United States
land; and cost reductions in the Gulf of Mexico. Also contributing to the
improved operating income were decreased costs of $6 million from the 2003
drill bit plant consolidation. Drilling services benefited from lower
depreciation expense in the fourth quarter 2004, compared to fourth quarter
2003 due to extending the useful life of drilling tools in the second quarter
2004.
Digital and Consulting Solutions, formerly Landmark and Other Energy
Services, operating income for the fourth quarter 2004 was breakeven, compared
to $36 million operating income in the fourth quarter 2003. Landmark Graphics
achieved record revenue and operating income for the quarter. Revenue grew
16% and operating income was up 19% over the prior year. The fourth quarter
2004 results included a $33 million charge for two integrated solutions
projects in southern Mexico. The fixed price contracts were awarded to the
Company in the second quarter of 2004 and involve drilling 33 turnkey wells
over a two year period. The charge reflects the estimated total project loss
through completion that resulted from higher start-up expenses, increased
costs to complete the projects, and longer drilling times than originally
anticipated. Segment results also included an $11 million charge for an
intellectual property settlement. This settlement was necessary to complete
the sale of Subsea 7 in January 2005.
KBR
KBR revenue for the fourth quarter 2004 was $3.0 billion, a 17% decrease
compared to fourth quarter 2003. The decrease was due to reduced government
contract activities, primarily in the Middle East and project completions in
the Energy and Chemicals segment.
KBR operating income for the fourth quarter 2004 was breakeven, compared
to operating income of $82 million in the fourth quarter 2003. During the
fourth quarter of 2004, a total charge of $22 million was recorded as a result
of restructuring KBR into two segments: Energy and Chemicals, and Government
and Infrastructure. When the restructuring plan for KBR was announced in
September, the annual savings from the plan were projected to be between $80
million and $100 million. As of today, the estimated annual savings from the
restructuring plan are expected to meet or exceed the upper end of this range
in 2005.
Energy and Chemicals operating loss was $9 million in the fourth quarter
2004, compared to $15 million operating income in the fourth quarter 2003.
Included in fourth quarter 2004 results was a $14 million restructuring
charge. The fourth quarter 2004 results were also negatively impacted by
charges totaling $21 million for additional costs on offshore hookup of the
Belanak FPSO project and a settlement on a completed mining project in the
United States.
Government and Infrastructure operating income was $9 million in the
fourth quarter 2004 compared to $69 million operating income in the fourth
quarter 2003. Included in fourth quarter 2004 results was an $8 million
restructuring charge. Operating income from Iraq activities was $20 million
lower than the fourth quarter 2003, primarily due to completion of the RIO
contract. The decrease in operating income reflected a loss on a construction
project in Afghanistan in the fourth quarter 2004 and the completion of a
railway project in Australia in 2003, and was partially offset by improved
results at the DML shipyard in the United Kingdom.
KBR backlog at December 31, 2004 was $8.4 billion, down approximately $900
million from September 30, 2004. Approximately 25% of the backlog is for
fixed-fee contracts. Of the total backlog, $3.6 billion is for Energy and
Chemicals projects and $4.8 billion is for Government and Infrastructure
projects.
Halliburton's Iraq-related work contributed approximately $1.7 billion in
revenue in the fourth quarter 2004 and $13 million of operating income, or a
0.8% margin.
Technology and Significant Achievements
Halliburton had a number of advances in technology and new contract
awards.
Energy Services Group new technologies and contracts:
* Halliburton's DepthStar(R) received the Outstanding Technology award
from the European Institute, the only award given to an oilfield service
company, adding to its earlier awards from the Society of Petroleum
Engineers (SPE) and American Society of Mechanical Engineers (ASME).
In 2004, Halliburton received 12 first place and 5 runner-up awards
from Hart's E&P, World Oil, the European Institute, SPE and ASME, more
than any other oilfield service company.
* Landmark Graphics and Silicon Graphics have demonstrated breakthrough
technology with the use of advanced interactive visualization on a 400GB
seismic dataset in association with Marathon Oil Company. This new
practical science solution enables exploration of the Earth's subsurface
using seismic information that contains four times more information than
current technologies.
* Halliburton received a three-year contract for well completions in
Qatar's giant North Gas field awarded by Dolphin Energy Limited to
Halliburton's Production Optimization segment. The reliability and
performance of Halliburton's Peak(R) large monobore downhole completion
equipment is a critical component to the success of the high-rate gas
well completions required in this project.
* Halliburton's Drilling and Formation Evaluation segment was awarded a
three-year contract for Directional Drilling and measurement/logging-
while-drilling (M/LWD) work in the United Kingdom sector of the North
Sea. The contract will include services such as the Geo-Pilot(R) rotary
steerable system, the Stellar(R) suite of M/LWD services and the
INSITE(R) information management system to link the operational
center with the main hub, allowing for real-time drilling decisions.
Services will start in the first quarter 2005.
* Halliburton's Drilling and Formation Evaluation (DFE) segment was
awarded a four-year contract in Brunei. The award is for the use of the
Geo-Pilot(R) rotary steerable system and the Stellar(R) suite of LWD
services. In addition to these services, DFE will provide its Sperry-
Sun ADT(R) drilling optimization service.
KBR new contract awards:
* KBR and its joint venture partners have been issued a Letter of
Authorization to perform pre-FEED work for the Gorgon Downstream
liquefied natural gas (LNG) project. The project is a grassroots LNG
facility to be located on Barrow Island in Western Australia.
* KBR has been awarded a contract by Fangyuan Chemical Industry
Development Co., Ltd. of the Tianji Group to provide a process
technology license and a basic engineering package for a 450 metric
ton/day aniline plant located in Lucheng, Shanxi, China.
* KBR has been awarded licenses for advanced reaction system technology as
well as basic engineering design packages for Repsol YPF's Fluid
Catalytic Cracking Units in its La Plata and Lujan de Cuyo refineries in
Argentina.
* KBR has been awarded a license for a second catalyst cooler for
Petrobras' Residual Fluid Catalytic Cracking (FCC) Unit in its Capuava
(RECAP) refinery located in Sao Paulo, Brazil. The catalyst cooler
installations provide Petrobras the flexibility to process more
contaminated, lower cost atmospheric residue feedstocks in their newest
FCC units. Petrobras previously licensed the same technology from KBR
for six catalyst coolers at three refinery locations in Brazil.
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 audits and investigations of the company by domestic
and foreign government agencies and legislative bodies and potential adverse
proceedings and findings by such agencies, a delay in the receipt of
additional agreed payments from insurers arising from asbestos and silica
claims, the risks of judgments against the company and its subsidiaries in
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.
HALLIBURTON COMPANY
Condensed Consolidated Statements of Operations
(Millions of dollars and shares except per share data)
(Unaudited)
Three Months Three Months
Ended Ended
December 31 September 30
2004 2003 2004
Revenue
Production Optimization $912 $713 $886
Fluids 617 531 618
Drilling and Formation Evaluation 465 417 450
Digital and Consulting Solutions 176 138 154
Total Energy Services Group 2,170 1,799 2,108
Government and Infrastructure 2,295 2,691 1,993
Energy and Chemicals 736 974 689
Total Engineering and
Construction Group 3,031 3,665 2,682
Total revenue $5,201 $5,464 $4,790
Operating income (loss)
Production Optimization $209 $115 $222
Fluids 102 73 113
Drilling and Formation Evaluation 59 17 62
Digital and Consulting Solutions --- 36 17
Total Energy Services Group 370 241 414
Government and Infrastructure 9 69 (6)
Energy and Chemicals (9) 15 (44)
Asbestos and silica --- (2) ---
Total Engineering and
Construction Group --- 82 (50)
General corporate (21) (20) (22)
Total operating income 349 303 342
Interest expense (69) (54) (51)
Interest income 14 8 13
Foreign currency, net 6 4 1
Other, net --- (1) (2)
Income from continuing operations
before income taxes and
minority interest 300 260 303
Provision for income taxes (111) (92) (111)
Minority interest in net income of
subsidiaries (6) (22) (6)
Income from continuing operations 183 146 186
Loss from discontinued operations, net (384) (1,093) (230)
Net loss $(201) $(947) $(44)
Basic income (loss) per share:
Income from continuing operations $0.42 $0.34 $0.43
Loss from discontinued operations, net (0.88) (2.52) (0.54)
Net loss $(0.46) $(2.18) $(0.11)
Diluted income (loss) per share:
Income from continuing operations $0.41 $0.34 $0.42
Loss from discontinued operations, net (0.86) (2.51) (0.51)
Net loss $(0.45) $(2.17) $(0.09)
Basic weighted average common
shares outstanding 439 435 438
Diluted weighted average common
shares outstanding 444 438 442
See Footnote Table 1 for a list of significant items included in
operating income.
HALLIBURTON COMPANY
Condensed Consolidated Statements of Operations
(Millions of dollars and shares except per share data)
(Unaudited)
Twelve Months Ended
December 31
2004 2003
Revenue
Production Optimization $3,303 $2,758
Fluids 2,324 2,039
Drilling and Formation Evaluation 1,782 1,643
Digital and Consulting Solutions 589 555
Total Energy Services Group 7,998 6,995
Government and Infrastructure 9,393 5,417
Energy and Chemicals 3,075 3,859
Total Engineering and Construction Group 12,468 9,276
Total revenue $20,466 $16,271
Operating income (loss)
Production Optimization $634 $413
Fluids 352 251
Drilling and Formation Evaluation 223 177
Digital and Consulting Solutions 60 (15)
Total Energy Services Group 1,269 826
Government and Infrastructure 84 194
Energy and Chemicals (426) (225)
Asbestos and silica --- (5)
Total Engineering and Construction Group (342) (36)
General corporate (87) (70)
Total operating income 840 720
Interest expense (229) (139)
Interest income 44 30
Foreign currency, net (3) ---
Other, net 2 1
Income from continuing operations before
income taxes, minority interest and
change in accounting principle 654 612
Provision for income taxes (242) (234)
Minority interest in net income of subsidiaries (25) (39)
Income from continuing operations before
change in accounting principle 387 339
Loss from discontinued operations, net (1,364) (1,151)
Cumulative effect of change in accounting
principle, net --- (8)
Net loss $(977) $(820)
Basic income (loss) per share:
Income from continuing operations before
change in accounting principle $0.89 $0.78
Loss from discontinued operations, net (3.13) (2.65)
Cumulative effect of change in accounting
principle, net --- (0.02)
Net loss $(2.24) $(1.89)
Diluted income (loss) per share:
Income from continuing operations before
change in accounting principle $0.88 $0.78
Loss from discontinued operations, net (3.09) (2.64)
Cumulative effect of change in accounting
principle, net --- (0.02)
Net loss $(2.21) $(1.88)
Basic weighted average common
shares outstanding 437 434
Diluted weighted average common
shares outstanding 441 437
See Footnote Table 1 for a list of significant items included in
operating income.
HALLIBURTON COMPANY
Condensed Consolidated Balance Sheets
(Millions of dollars)
(Unaudited)
December 31 September 30
2004 2003 2004
Assets
Current assets:
Cash and equivalents $2,808 $1,815 $2,996
Receivables, net 4,675 4,669 4,454
Insurance for asbestos- and
silica-related liabilities (A) 1,066 96 965
Inventories, net 723 695 741
Other current assets 684 644 667
Total current assets 9,956 7,919 9,823
Property, plant, and equipment, net 2,566 2,526 2,540
Insurance for asbestos- and
silica-related liabilities (A) 350 2,038 488
Other assets 2,926 3,016 3,107
Total assets $15,798 $15,499 $15,958
Liabilities and Shareholders' Equity
Current liabilities:
Asbestos- and silica-related
liabilities $2,408 $2,507 $2,415
Accounts payable 2,271 1,776 2,362
Current maturities of long-term debt 347 22 50
Other current liabilities 2,038 2,259 2,228
Total current liabilities 7,064 6,564 7,055
Long-term debt 3,593 3,415 3,894
Asbestos- and silica-related
liabilities (B) 37 1,579 2,029
Other liabilities 1,062 1,294 1,188
Total liabilities 11,756 12,852 14,166
Minority interest in consolidated
subsidiaries 108 100 113
Shareholders' equity (B) 3,934 2,547 1,679
Total liabilities and shareholders'
equity $15,798 $15,499 $15,958
(A) The change in "Insurance for asbestos- and silica-related
liabilities" from December 31, 2003 reflects the reclassifications
from noncurrent to current based on the amount of cash we expect to
receive from insurance carriers within a year; and a $680 million
write-down in the second quarter of 2004 resulting from settlement
agreements with insurance carriers.
(B) The decrease in "Asbestos- and silica-related liabilities" and the
increase in "Shareholders' equity" reflect the reclassification of
the 59.5 million shares of Halliburton common stock to be
contributed to trusts for the benefit of asbestos and silica
claimants upon the December 31, 2004 final and nonappealable
confirmation of our plan of reorganization. The value of the shares
was increased by $342 million on December 31, 2004, based on the
closing price of $39.24 on that day, resulting in a total
reclassification of $2.335 billion to shareholders' equity.
HALLIBURTON COMPANY
Revenue and Operating Income Comparison
By Operating Segments - Engineering and Construction Group Only
(Millions of dollars)
(Unaudited)
Twelve Months
Three Months Ended Ended
2004 March 31 June 30 Sept. 30 Dec. 31 Dec. 31
Revenue:
Government and
Infrastructure $2,868 $2,237 $1,993 $2,295 $9,393
Energy and Chemicals 835 815 689 736 3,075
Total Engineering and
Construction
Group revenue $3,703 $3,052 $2,682 $3,031 $12,468
Operating income (loss):
Government and
Infrastructure $62 $19 $(6) $9 $84
Energy and Chemicals (77) (296) (44) (9) (426)
Total Engineering and
Construction
Group operating loss $(15) $(277) $(50) $--- $(342)
Twelve Months
Three Months Ended Ended
2003 March 31 June 30 Sept. 30 Dec. 31 Dec. 31
Revenue:
Government and
Infrastructure $518 $780 $1,428 $2,691 $5,417
Energy and Chemicals 931 1,039 915 974 3,859
Total Engineering and
Construction
Group revenue $1,449 $1,819 $2,343 $3,665 $9,276
Operating income (loss):
Government and
Infrastructure $26 $33 $66 $69 $194
Energy and Chemicals (43) (181) (16) 15 (225)
Asbestos and silica (2) --- (1) (2) (5)
Total Engineering and
Construction
Group operating income
(loss) $(19) $(148) $49 $82 $(36)
HALLIBURTON COMPANY
Revenue and Operating Income Comparison
By Geographic Region - Energy Services Group Only
(Millions of dollars)
(Unaudited)
Three Months Ended Three Months Ended
December 31 September 30
2004 2003 2004
Revenue:
North America $980 $787 $969
Latin America 301 255 295
Europe/Africa 454 350 442
Middle East/Asia 435 407 402
Total revenue $2,170 $1,799 $2,108
Operating income:
North America $222 $100 $228
Latin America 12 48 52
Europe/Africa 65 36 79
Middle East/Asia 71 57 55
Total operating income $370 $241 $414
Twelve Months Ended
December 31
2004 2003
Revenue:
North America $3,609 $3,085
Latin America 1,082 907
Europe/Africa 1,665 1,442
Middle East/Asia 1,642 1,561
Total revenue $7,998 $6,995
Operating income:
North America $720 $306
Latin America 130 165
Europe/Africa 189 147
Middle East/Asia 230 208
Total operating income $1,269 $826
See Footnote Table 2 for a list of significant items included in
operating income.
FOOTNOTE TABLE 1
HALLIBURTON COMPANY
Items included in Operating Income by Operating Segment
(Millions of dollars except per share data)
(Unaudited)
Three Months Ended Three Months Ended Three Months Ended
December 31 December 31 September 30
2004 2003 2004
Operating After Tax Operating After Tax Operating After Tax
Income per Share Income per Share Income per Share
Production
Optimization:
Surface
well
testing
gain on
sale $14 $0.02 $--- $--- $40 $0.06
Digital and
Consulting
Solutions:
Integrated
solutions
projects
in Mexico (33) (0.05) --- --- --- ---
Intellectual
property
settlement (11) (0.01) --- --- --- ---
Energy and
Chemicals:
Restructuring
charge (14) (0.02) --- --- (14) (0.02)
Barracuda-
Caratinga
project
loss --- --- (10) (0.01) --- ---
Government and
Infrastructure:
Restructuring
charge (8) (0.01) --- --- (4) (0.01)
Asbestos and
silica --- --- (2) --- --- ---
Twelve Months Ended Twelve Months Ended
December 31 December 31
2004 2003
Operating After Tax Operating After Tax
Income per Share Income per Share
Production Optimization:
Surface well testing gain
on sale $54 $0.08 $--- $---
HMS gain on sale --- --- 24 0.03
Drilling and Formation
Evaluation:
Mono Pumps gain on sale --- --- 36 0.05
Digital and Consulting
Solutions:
Integrated solutions
projects in Mexico (33) (0.05) --- ---
Intellectual property
settlement (11) (0.01) --- ---
Anglo-Dutch lawsuit 13 0.02 (77) (0.11)
Wellstream loss on sale --- --- (15) (0.03)
Energy and Chemicals:
Restructuring charge (28) (0.04) --- ---
Barracuda-Caratinga project
loss (407) (0.60) (238) (0.33)
Government and Infrastructure:
Restructuring charge (12) (0.02) --- ---
Asbestos and silica --- --- (5) (0.01)
FOOTNOTE TABLE 2
HALLIBURTON COMPANY
Items included in Operating Income
By Geographic Region - Energy Services Group Only
(Millions of dollars except per share data)
(Unaudited)
Three Months Ended Three Months Ended Three Months Ended
December 31 December 31 September 30
2004 2003 2004
Operating After Tax Operating After Tax Operating After Tax
Income per Share Income per Share Income per Share
North America:
Surface well
testing
gain on
sale $3 $--- $--- $--- $19 $0.03
Latin America:
Integrated
solutions
projects in
Mexico (33) (0.05) --- --- --- ---
Surface well
testing gain
on sale --- --- --- --- 7 0.01
Europe/Africa:
Surface well
testing gain
on sale 4 0.01 --- --- 14 0.02
Intellectual
property
settlement (11) (0.01) --- --- --- ---
Middle East/Asia:
Surface well
testing gain
on sale 7 0.01 --- --- --- ---
Twelve Months Ended Twelve Months Ended
December 31 December 31
2004 2003
Operating After Tax Operating After Tax
Income per Share Income per Share
North America:
Anglo-Dutch lawsuit $13 $0.02 $(77) $(0.11)
Surface well testing gain
on sale 22 0.03 --- ---
Mono Pumps gain on sale --- --- 24 0.03
Wellstream loss on sale --- --- (11) (0.02)
HMS gain on sale --- --- 24 0.03
Latin America:
Integrated solutions projects
in Mexico (33) (0.05) --- ---
Surface well testing gain
on sale 7 0.01 --- ---
Europe/Africa:
Surface well testing gain
on sale 18 0.03 --- ---
Intellectual property
settlement (11) (0.01) --- ---
Mono Pumps gain on sale --- --- 12 0.02
Wellstream loss on sale --- --- (4) (0.01)
Middle East/Asia:
Surface well testing gain
on sale 7 0.01 --- ---
SOURCE Halliburton
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Related links:
http://www.halliburton.com
CONTACT:
Paul Koeller, Vice President, Investor
Relations, +1-713-759-2688, or Wendy Hall, Director,
Communications, +1-713-759-2605, both of Halliburton
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