SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (date of earliest event reported)
April 19, 2004
Halliburton Company
(Exact name of registrant as specified in its charter)
State or other Commission IRS Employer
jurisdiction File Number Identification
of incorporation Number
Delaware 1-3492 No. 75-2677995
1401 McKinney, Suite 2400
Houston, Texas 77010
(Address of principal executive offices)
Registrant's telephone number,
including area code - 713-759-2600
INFORMATION TO BE INCLUDED IN REPORT
Item 9. Regulation FD Disclosure
On April 19, 2004 registrant issued a press release entitled
"Halliburton Announces Agreement With Petrobras on Barracuda-Caratinga Project."
The text of the press release is as follows:
HALLIBURTON ANNOUNCES AGREEMENT WITH PETROBRAS ON
BARRACUDA-CARATINGA PROJECT
Company to take first quarter charge of about $62 million or $0.14 per share
after tax
HOUSTON, Texas - Halliburton (NYSE:HAL) announced today that its KBR subsidiary
has reached an agreement in principle with Petrobras that will resolve
outstanding issues regarding the Barracuda-Caratinga project. The agreement in
principle, which is also subject to project lender approval and final agreement,
will settle outstanding claims and extend project deadlines.
Halliburton also announced that it will take additional operating losses on its
Barracuda-Caratinga project in the first quarter of 2004 of approximately $62
million or $0.14 per share after tax. The additional charges follow a thorough
review of the project indicating higher cost estimates, schedule extensions and
other factors.
"The agreement in principle with Petrobras, if consummated, would significantly
reduce remaining risks associated with this project, provide resolution to our
claims and reduce the potential for significant late-delivery penalties," said
Randy Harl, president and chief executive officer of KBR.
If the parties are unable to reach final agreement, then Halliburton will pursue
arbitration of its claim. Although this would be a long process, the company
believes there is strong support for the claim. In the absence of an agreement
with Petrobras, the company would also evaluate whether the increased costs
accrued in the first quarter of 2004 would increase its claim.
The agreement in principle, if completed, would amend the existing agreements
and release both parties from all existing claims including the pending
arbitration proceedings in New York. Further, the agreement would resolve KBR's
disputed claims and reduce KBR's scope of work to be performed after the two
vessels sail-away which is now scheduled for August 1, 2004 for Barracuda and
for September 28, 2004 for Caratinga. Contract liquidated damages would be
replaced and based on the new terms and schedule under the new agreement.
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 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 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, 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 for a more complete discussion of such risk factors.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HALLIBURTON COMPANY
Date: April 19, 2004 By: /s/ Margaret E. Carriere
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Margaret E. Carriere
Vice President and Secretary