Halliburton Announces Full Year and Fourth Quarter Earnings
$2.66 2007 earnings per diluted share from continuing operations and $0.74 fourth quarter 2007 earnings per diluted share from continuing operations
HOUSTON--(BUSINESS WIRE)--Jan. 28, 2008--Halliburton (NYSE:HAL) announced today that revenue was $15.3 billion for the full year 2007, an increase of 18% from the full year 2006, and operating income was $3.5 billion, an increase of 8% from the full year 2006. Income from continuing operations for the full year 2007 was $2.5 billion, or $2.66 per diluted share, compared to 2006 income from continuing operations of $2.2 billion, or $2.07 per diluted share. 2007 earnings per share were positively impacted by improved operating performance, a lower share count, and the favorable income tax impact from the ability to recognize United States foreign tax credits that were previously assumed not to be fully utilizable. Net income in 2007 was $3.5 billion, or $3.68 per diluted share, compared to 2006 net income of $2.3 billion, or $2.23 per diluted share. Income from discontinued operations in 2007 included a net gain of $933 million recorded for the separation of KBR, Inc.
Halliburton's consolidated revenue in the fourth quarter of 2007 was $4.2 billion, up 19% from the fourth quarter of 2006. This increase was attributable to increased worldwide activity, particularly in the Eastern Hemisphere.
Income from continuing operations in the fourth quarter of 2007 was $674 million, or $0.74 per diluted share, compared to $627 million, or $0.61 per diluted share, in the fourth quarter of 2006. The fourth quarter 2007 results were unfavorably impacted by a $22 million after-tax charge related to the impairment of an oil and gas property in Bangladesh, where the company has had an interest in a producing property since 1996, and $8 million of after-tax expenses associated with executive separation costs. The quarter was also favorably impacted by a lower tax rate as increased international profits allowed the company to recognize additional foreign tax credits. Net income for the fourth quarter of 2007 was $690 million, or $0.75 per diluted share. This compares to net income of $658 million, or $0.64 per diluted share, in the fourth quarter of 2006.
Consolidated operating income was $907 million in the fourth quarter of 2007 compared to $923 million in the fourth quarter of 2006. Fourth quarter of 2007 operating income included a $34 million impairment charge for the Bangladesh oil and gas property and $12 million for executive separation costs. Operating income in the fourth quarter of 2006 included a $48 million gain on the sale of lift boats in West Africa and the North Sea and a $38 million gain related to insurance proceeds for business interruptions resulting from the 2005 Gulf of Mexico hurricanes.
"I am very pleased with our performance in 2007," said Dave Lesar, chairman, president, and chief executive officer. "We are particularly pleased by our growth in the Eastern Hemisphere, where revenue increased 27% year-over-year, and operating income increased 26% year-over-year.
"Our revenue in the fourth quarter grew 6% sequentially, marked by strong activity in both hemispheres. Our Eastern Hemisphere business grew an impressive 12% sequentially from the third quarter. Eastern Hemisphere operating income was down 3% sequentially, impacted by the impairment charge for the Bangladesh oil and gas property, mobilization costs for new contracts in Africa, and an unfavorable product sales mix. These items resulted in lower fourth quarter operating margins but do not affect our overall outlook for the hemisphere. Fourth quarter Eastern Hemisphere operating margins were nearly 23%, excluding the impact of the oil and gas impairment charge. Looking forward, we are confident that our strategies and the supporting investments we are making in our drilling, evaluation, and completions product lines will drive Halliburton's continued international growth.
"Sequentially, Western Hemisphere revenue and operating income grew 2% and 3% respectively, driven by activity increases in Canada, the Gulf of Mexico, and Latin America. Our United States land fracturing business experienced the expected seasonal slowdown and continued pricing pressures. Pricing declines in fracturing were in the low- to mid-single digits in the fourth quarter, in line with what we anticipated. We have largely offset the seasonal slowdown and price declines by the growth in revenue and operating income of our other service offerings, with our directional drilling and drill bits businesses registering strong performance.
"In the fourth quarter, we successfully rolled over a significant portion of our fracturing contracts. We maintained our strong position in the United States and picked up market share in some locations. Based on the prices in these contracts, we anticipate that we will see an average price decline in our fracturing business in the mid- to upper-single digits during the first quarter of 2008. We will be partially offsetting this impact by growth in our other service lines, resulting in a more balanced portfolio, and by capitalizing on the trend towards unconventional plays and horizontal drilling. We expect to see prices stabilize during the latter half of the year, as equipment additions decelerate, and our customers try to meet their drilling plans.
"Our international growth is providing the strength to offset the challenging North American market, with over 55% of our fourth quarter revenue now coming from outside of North America."
2007 Fourth Quarter Results
Completion and Production (C&P) operating income in the fourth quarter of 2007 was $571 million, a decrease of $26 million or 4% from the fourth quarter of 2006, which was impacted by a $48 million gain on the sale of lift boats in West Africa and the North Sea in 2006. This gain unfavorably impacted yearly comparisons for C&P in the Europe/Africa/CIS region. A decline in North Sea activity for completion tools also impacted the region. Middle East/Asia C&P operating income increased 78%, with increased project activity across all product lines in the region. North America C&P operating income decreased 9%, primarily due to a $17 million gain related to hurricane insurance proceeds in the fourth quarter of 2006. Additionally, North America was impacted by cost escalation and reduced production enhancement pricing in the United States. Latin America C&P operating income increased 30%, primarily due to increased cementing activity in Mexico and Brazil.
Drilling and Evaluation (D&E) operating income in the fourth quarter of 2007 was $403 million, an increase of $18 million or 5% over the prior year fourth quarter. Europe/Africa/CIS D&E operating income increased 52%, benefiting from increased Sperry Drilling Services and wireline activity in the North Sea and North Africa. Middle East/Asia D&E operating income decreased 11% over the prior year fourth quarter due to the $34 million Bangladesh impairment charge. Partially offsetting the charge was improved demand for wireline services in the Middle East and Sperry Drilling Services sales in Asia. North America D&E operating income decreased 3%, negatively impacted by the $21 million gain related to hurricane insurance proceeds in the fourth quarter of 2006 and lower drilling activity in Canada. This was partially offset by an increase in horizontal drilling activity in the United States. Latin America D&E operating income decreased 14% on lower activity in Venezuela.
During the fourth quarter of 2007, under the company's share repurchase program, Halliburton purchased approximately 2 million shares at an average price of $36.26 for a total cost of approximately $67 million. Since the inception of the program, Halliburton has purchased 79 million shares for a total cost of approximately $2.7 billion. Approximately $2.3 billion remains available under the program.
Technology and Significant Achievements
-- Halliburton secured a three-year, $683 million contract from
PEMEX to manage the drilling and completion of 58 land wells
in the southern region of Mexico. The contract with PEMEX
spans a variety of well conditions including depressurized and
high-pressure/high-temperature formations, combined with
complex geologies and tremendous depths - ranging from 3,500
to 6,500 meters. In response to these challenges,
Halliburton's Project Management group will provide PEMEX with
on-site personnel representing the full range of Halliburton
products and services. These will include wellbore-cementing
tools, stimulation equipment and wireline technology, as well
as drilling fluids, drill bits, directional drilling services,
and completion tools.
-- Halliburton closed the previously announced acquisition of the
entire share capital of OOO Burservice. Founded in 2004,
Burservice is a leading provider of directional drilling
services in Russia. The company is headquartered in Usinsk,
Republic of Komi, and has approximately 100 employees.
-- Halliburton inaugurated its first globally-focused technology
center outside North America and Europe. The 60,000 square
foot facility, approximately 100 miles southwest of Mumbai,
India is designed to facilitate global research and
development across Halliburton's C&P and D&E segments. The
Pune facility complements the company's existing globally
focused research and development centers in Houston; Duncan,
Oklahoma; and Carrollton, Texas. Working with fellow research
and scientific colleagues, personnel in Pune collaborate
through analytical study and hands-on applications in
state-of-the-art laboratories to further advance Halliburton's
global expertise, particularly in the areas of production
enhancement, completion tools, drilling fluids, and the
company's founding business of cementing. Currently,
Halliburton plans to open a second Eastern Hemisphere-based
technology center in Singapore in 2008.
-- Rosneft-YNG awarded Halliburton's C&P segment a
multimillion-dollar contract for the provision of hydraulic
fracturing services for 317 oil wells in Russia's Priobskoye
Field in 2008. Located in Western Siberia on the banks of the
Ob River, the field comprises 3,384 square miles.
A reconciliation of as reported results to adjusted results for the non-GAAP disclosure is in the Reconciliation table of this press release.
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With nearly 50,000 employees in approximately 70 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company's World Wide Web site 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: consequences of audits and investigations by domestic and foreign government agencies and legislative bodies and related publicity; potential adverse proceedings by such agencies; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to radioactive sources, explosives, and chemicals; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; unsettled political conditions, war, and the effects of terrorism, foreign operations, and foreign exchange rates and controls; weather-related issues including the effects of hurricanes and tropical storms; changes in capital spending by customers; changes in the demand for or price of oil and/or natural gas; impairment of oil and gas properties; structural changes in the oil and natural gas industry; increased competition for employees; availability of raw materials; and integration of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2006, Form 10-Q for the period ended September 30, 2007, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect the business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
HALLIBURTON COMPANY
Condensed Consolidated Statements of Operations
(Millions of dollars and shares except per share data)
(Unaudited)
Three Months Ended
--------------------------------------------
December 31 September 30
--------------------------------------------
2007 2006 2007
----------------------------------------------------------------------
Revenue:
Completion and Production $ 2,289 $ 1,942 $ 2,187
Drilling and Evaluation 1,890 1,567 1,741
----------------------------------------------------------------------
Total revenue $ 4,179 $ 3,509 $ 3,928
----------------------------------------------------------------------
Operating income (loss):
Completion and Production $ 571 $ 597 $ 596
Drilling and Evaluation 403 385 372
Corporate and Other (67) (59) (58)
----------------------------------------------------------------------
Total operating income 907 923 910
----------------------------------------------------------------------
Interest expense (36) (41) (39)
Interest income 24 35 26
Other, net (2) (8) (1)
----------------------------------------------------------------------
Income from continuing
operations before income
taxes and minority
interest 893 909 896
Provision for income
taxes (212)(a) (278) (152)(a)
Minority interest in net
income of subsidiaries (7) (4) (18)
----------------------------------------------------------------------
Income from continuing
operations 674 627 726
Income from discontinued
operations, net 16 31 1
----------------------------------------------------------------------
Net income $ 690 $ 658 $ 727
----------------------------------------------------------------------
Basic income per share:
Income from continuing
operations $ 0.77 $ 0.63 $ 0.83
Income from discontinued
operations, net 0.02 0.03 -
----------------------------------------------------------------------
Net income $ 0.79 $ 0.66 $ 0.83
----------------------------------------------------------------------
Diluted income per share:
Income from continuing
operations $ 0.74 $ 0.61 $ 0.79
Income from discontinued
operations, net 0.01 0.03 -
----------------------------------------------------------------------
Net income $ 0.75 $ 0.64 $ 0.79
----------------------------------------------------------------------
Basic weighted average
common shares
outstanding 875 996 880
Diluted weighted average
common shares
outstanding 916 1,030 917
----------------------------------------------------------------------
(a) Provision for income taxes included a $55 million, or $0.06 per diluted share, favorable income tax impact in the fourth quarter of 2007 and a $133 million, or $0.15 per diluted share, favorable income tax impact in the third quarter of 2007 from the ability to recognize the benefit of foreign tax credits previously thought not to be fully utilizable. See Footnote Table 1 for a list of significant items included in operating income. All periods presented reflect the reclassification of KBR, Inc. to discontinued operations, the change in reportable segments due to an organizational restructuring, and the reclassification of certain amounts between the segments and Corporate and Other.
HALLIBURTON COMPANY
Condensed Consolidated Statements of Operations
(Millions of dollars and shares except per share data)
(Unaudited)
Year Ended December 31
-----------------------
2007 2006
----------------------------------------------------------------------
Revenue:
Completion and Production $ 8,386 $ 7,221
Drilling and Evaluation 6,878 5,734
----------------------------------------------------------------------
Total revenue $15,264 $12,955
----------------------------------------------------------------------
Operating income (loss):
Completion and Production $ 2,199 $ 2,140
Drilling and Evaluation 1,485 1,328
Corporate and Other (186) (223)
----------------------------------------------------------------------
Total operating income 3,498 3,245
----------------------------------------------------------------------
Interest expense (154) (165)
Interest income 124 129
Other, net (8) (10)
----------------------------------------------------------------------
Income from continuing operations before
income taxes and minority interest 3,460 3,199
Provision for income taxes (907)(a) (1,003)
Minority interest in net income of
subsidiaries (29) (19)
----------------------------------------------------------------------
Income from continuing operations 2,524 2,177
Income from discontinued operations, net 975 (b) 171
----------------------------------------------------------------------
Net income $ 3,499 $ 2,348
----------------------------------------------------------------------
Basic income per share:
Income from continuing operations $ 2.76 $ 2.15
Income from discontinued operations, net 1.07 0.16
----------------------------------------------------------------------
Net income $ 3.83 $ 2.31
----------------------------------------------------------------------
Diluted income per share:
Income from continuing operations $ 2.66 $ 2.07
Income from discontinued operations, net 1.02 0.16
----------------------------------------------------------------------
Net income $ 3.68 $ 2.23
----------------------------------------------------------------------
Basic weighted average common shares
outstanding 913 1,014
Diluted weighted average common shares
outstanding 950 1,054
----------------------------------------------------------------------
(a) Provision for income taxes in 2007 included a $188 million, or $0.20 per diluted share, favorable income tax impact from the ability to recognize the benefit of foreign tax credits previously thought not to be fully utilizable. (b) Income from discontinued operations, net, in the second quarter of 2007 included a $933 million net gain on the separation of KBR, Inc. See Footnote Table 1 for a list of significant items included in operating income. All periods presented reflect the reclassification of KBR, Inc. to discontinued operations, the change in reportable segments due to an organizational restructuring, and the reclassification of certain amounts between the segments and Corporate and Other.
HALLIBURTON COMPANY
Condensed Consolidated Balance Sheets
(Millions of dollars)
(Unaudited)
December 31,
-----------------
2007 2006
---------------------------------------------------------------------
Assets
Current assets:
Cash and marketable investments $ 2,235 $ 2,938
Receivables, net 3,093 2,629
Inventories, net 1,459 1,235
Current assets of discontinued operations - 3,898
Other current assets 786 490
---------------------------------------------------------------------
Total current assets 7,573 11,190
Property, plant, and equipment, net 3,630 2,557
Noncurrent assets of discontinued operations - 1,497
Other assets 1,932 1,616
---------------------------------------------------------------------
Total assets $13,135 $16,860
---------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 768 $ 655
Current maturities of long-term debt 159 26
Current liabilities of discontinued operations - 2,831
Other current liabilities 1,484 1,222
---------------------------------------------------------------------
Total current liabilities 2,411 4,734
Long-term debt 2,627 2,783
Noncurrent liabilities of discontinued operations - 981
Other liabilities 1,137 917
---------------------------------------------------------------------
Total liabilities 6,175 9,415
---------------------------------------------------------------------
Minority interest in consolidated subsidiaries 94 69
Shareholders' equity 6,866 7,376
---------------------------------------------------------------------
Total liabilities and shareholders' equity $13,135 $16,860
---------------------------------------------------------------------
All periods presented reflect the reclassification of KBR, Inc. to discontinued operations.
HALLIBURTON COMPANY
Selected Cash Flow Information
(Millions of dollars)
(Unaudited)
Three Months Ended Year Ended
December 31 December 31
---------------------------------------
2007 2006 2007 2006
----------------------------------------------------------------------
Capital expenditures $ 519 $ 265 $ 1,583 $ 834
----------------------------------------------------------------------
----------------------------------------------------------------------
Depreciation, depletion, and
amortization $ 166 $ 124 $ 583 $ 480
----------------------------------------------------------------------
All periods presented reflect the reclassification of KBR, Inc. to discontinued operations.
HALLIBURTON COMPANY
Revenue and Operating Income Comparison
By Segment and Geographic Region
(Millions of dollars)
(Unaudited)
Three Months Ended
-------------------------------------
December 31 September 30
-------------------------------------
Revenue by geographic region: 2007 2006 2007
----------------------------------------------------------------------
Completion and Production:
North America $1,206 $1,104 $1,227
Latin America 205 159 193
Europe/Africa/CIS 508 427 439
Middle East/Asia 370 252 328
----------------------------------------------------------------------
Total 2,289 1,942 2,187
----------------------------------------------------------------------
Drilling and Evaluation:
North America 662 562 620
Latin America 285 259 263
Europe/Africa/CIS 551 411 493
Middle East/Asia 392 335 365
----------------------------------------------------------------------
Total 1,890 1,567 1,741
----------------------------------------------------------------------
Total revenue by region:
North America 1,868 1,666 1,847
Latin America 490 418 456
Europe/Africa/CIS 1,059 838 932
Middle East/Asia 762 587 693
----------------------------------------------------------------------
Operating income by geographic
region:
----------------------------------------------------------------------
Completion and Production:
North America $ 335 $ 368 $ 387
Latin America 48 37 34
Europe/Africa/CIS 90 137 92
Middle East/Asia 98 55 83
----------------------------------------------------------------------
Total 571 597 596
----------------------------------------------------------------------
Drilling and Evaluation:
North America 162 167 110
Latin America 50 58 48
Europe/Africa/CIS 117 77 115
Middle East/Asia 74 83 99
----------------------------------------------------------------------
Total 403 385 372
----------------------------------------------------------------------
Total operating income by region
(excluding Corporate and
Other):
North America 497 535 497
Latin America 98 95 82
Europe/Africa/CIS 207 214 207
Middle East/Asia 172 138 182
----------------------------------------------------------------------
See Footnote Table 1 and Footnote Table 2 for a list of significant items included in operating income. All periods presented reflect the reclassification of certain amounts between the segments/regions and Corporate and Other. Also, the results for Sakhalin have been reclassified from Middle East/Asia to Europe/Africa/CIS.
HALLIBURTON COMPANY
Revenue and Operating Income Comparison
By Segment and Geographic Region
(Millions of dollars)
(Unaudited)
Year Ended December 31
-----------------------
Revenue by geographic region: 2007 2006
----------------------------------------------------------------------
Completion and Production:
North America $4,655 $4,275
Latin America 756 583
Europe/Africa/CIS 1,767 1,436
Middle East/Asia 1,208 927
----------------------------------------------------------------------
Total 8,386 7,221
----------------------------------------------------------------------
Drilling and Evaluation:
North America 2,478 2,183
Latin America 1,042 931
Europe/Africa/CIS 1,933 1,424
Middle East/Asia 1,425 1,196
----------------------------------------------------------------------
Total 6,878 5,734
----------------------------------------------------------------------
Total revenue by region:
North America 7,133 6,458
Latin America 1,798 1,514
Europe/Africa/CIS 3,700 2,860
Middle East/Asia 2,633 2,123
----------------------------------------------------------------------
Operating income by geographic region:
----------------------------------------------------------------------
Completion and Production:
North America $1,404 $1,476
Latin America 170 130
Europe/Africa/CIS 330 324
Middle East/Asia 295 210
----------------------------------------------------------------------
Total 2,199 2,140
----------------------------------------------------------------------
Drilling and Evaluation:
North America 552 595
Latin America 179 170
Europe/Africa/CIS 414 263
Middle East/Asia 340 300
----------------------------------------------------------------------
Total 1,485 1,328
----------------------------------------------------------------------
Total operating income by region (excluding
Corporate and Other):
North America 1,956 2,071
Latin America 349 300
Europe/Africa/CIS 744 587
Middle East/Asia 635 510
----------------------------------------------------------------------
See Footnote Table 1 and Footnote Table 2 for a list of significant items included in operating income. All periods presented reflect the reclassification of certain amounts between the segments/regions and Corporate and Other. Also, the results for Sakhalin have been reclassified from Middle East/Asia to Europe/Africa/CIS.
FOOTNOTE TABLE 1
HALLIBURTON COMPANY
Items Included in Operating Income
(Millions of dollars except per share data)
(Unaudited)
Three Months Three Months Three Months
Ended Ended Ended
Dec. 31, 2007 Dec. 31, 2006 Sept. 30, 2007
----------------- ---------------- -----------------
After After After
Tax Tax Tax
Operating per Operating per Operating per
Income Share Income Share Income Share
----------------- ---------------- -----------------
Completion and
Production:
Gain on sale of
lift boats $ - $ - $48 $0.03 $ - $ -
Drilling and
Evaluation:
Charges for
environmental
matters - - - - (24) (0.02)
Impairment of
oil and gas
property (34) (0.02) - - - -
Corporate and
Other:
Charges for
environmental
matters - - - - (8) -
----------------------------------------------------------------------
Year Ended Year Ended
December 31, 2007 December 31, 2006
----------------- -----------------
After After
Tax Tax
Operating per Operating per
Income Share Income Share
----------------- -----------------
Completion and Production:
Gain on sale of lift boats $ - $ - $48 $0.03
Drilling and Evaluation:
Charges for environmental
matters (24) (0.02) - -
Impairment of oil and gas
property (34) (0.02) - -
Corporate and Other:
Charges for environmental
matters (8) - - -
Gain on sale of Dresser, Ltd.
investment 49 0.03 - -
----------------------------------------------------------------------
FOOTNOTE TABLE 2
HALLIBURTON COMPANY
Items Included in Operating Income by Geographic Region
(Millions of dollars except per share data)
(Unaudited)
Three Months Three Months Three Months
Ended Ended Ended
Dec. 31, 2007 Dec. 31, 2006 Sept. 30, 2007
----------------- ---------------- -----------------
After After After
Tax Tax Tax
Operating per Operating per Operating per
Income Share Income Share Income Share
----------------- ---------------- -----------------
North America:
Charges for
environmental
matters $ - $ - $ - $ - $(24) $(0.02)
Europe/Africa/
CIS:
Gain on sale of
lift boats - - 48 0.03 - -
Middle East/Asia:
Impairment of
oil and gas
property (34) (0.02) - - - -
Corporate and
Other:
Charges for
environmental
matters - - - - (8) -
----------------------------------------------------------------------
Year Ended Year Ended
December 31, 2007 December 31, 2006
----------------- ------------------
After After
Tax Tax
Operating per Operating per
Income Share Income Share
----------------- ------------------
North America:
Charges for environmental
matters $(24) $(0.02) $ - $ -
Europe/Africa/CIS
Gain on sale of lift boats - - 48 0.03
Middle East/Asia:
Impairment of oil and gas
property (34) (0.02) - -
Corporate and Other:
Charges for environmental
matters (8) - - -
Gain on sale of Dresser, Ltd.
investment 49 0.03 - -
----------------------------------------------------------------------
HALLIBURTON COMPANY
Reconciliation of As Reported Results to Adjusted Results
(Millions of dollars)
(Unaudited)
Eastern
Three Months Ended December 31, 2007 Hemisphere
----------------------------------------------------------------------
Revenue $1,821
As reported operating income $ 379
Effect of impairment of oil and gas property (a) 34
----------------------------------------------------------------------
Adjusted operating income $ 413
----------------------------------------------------------------------
As reported operating margin (b) 20.8%
Adjusted operating margin (b) 22.7%
----------------------------------------------------------------------
(a) Management believes it is important to point out to investors that included in operating income is an impairment charge related to an oil and gas property, because investors have indicated to management their desire to understand the current drivers and future trends. The adjustment removes the effect of the impairment of the oil and gas property. (b) As reported operating margin is calculated as: "As reported operating income" divided by "Revenue." Adjusted operating margin is calculated as: "Adjusted operating income" divided by "Revenue."
CONTACT: Halliburton
Vice President, Investor Relations
Christian Garcia, 713-759-2688
or
Director, Communications
Cathy Mann, 713-759-2605
SOURCE: Halliburton