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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)
FEBRUARY 1, 1995
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. 73-
0271280
3600 Lincoln Plaza
500 North Akard Street
Dallas, Texas 75201-3391
(Address of principal executive offices)
Registrant's telephone number,
including area code - 214/978-2600
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INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
The registrant may, at its option, report under this item
any events, with respect to which information is not otherwise
called for by this form, that the registrant deems of
importance to security holders.
On February 1, 1995, the registrant issued a press
release entitled Halliburton Reports Strong 1994 Fourth Quarter
pertaining, among other things, to an announcement that
registrant reported 1994 fourth quarter net income of $127.5
million ($1.12 per share) and for the 1994 full year net income
of $177.8 million ($1.56 per share).
The foregoing summary is subject to the full text of the
press release with respect thereto, a copy of which is attached
hereto as Exhibit 20, which exhibit is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
List below the financial statements, pro forma financial
information and exhibits, if any, filed as part of this report.
(c) Exhibits.
Exhibit 20 - Press release dated February 1, 1995
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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: February 1, 1995 By: _______________________
Robert M. Kennedy
Vice President -
Legal
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EXHIBIT INDEX
Exhibit Sequentially
Number Description Numbered Page
20 Press Release of
February 1, 1995 5 of 8
Incorporated by Reference
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5 FOR IMMEDIATE RELEASE Contact - Guy T. Marcus February 1, 1995 Vice President-Inv. Rel. (214) 978-2691 HALLIBURTON REPORTS STRONG 1994 FOURTH QUARTER DALLAS, Texas -- Halliburton Company reported today 1994 fourth quarter net income of $127.5 million ($1.12 per share), reflecting a combination of strong performance improvement by its Energy Services business segment and a gain on the sale of its natural gas compression business unit. Excluding the $64.3 million after tax gain on the sale, net income was $63.2 million ($.56 per share). Halliburton's 1994 fourth quarter earnings per share, excluding the gain on the sale, is the highest since the 1985 third quarter. In comparison, the 1993 fourth quarter Halliburton results were a net loss of $42.0 million ($.37 per share). For the 1994 full year, Halliburton's net income was $177.8 million ($1.56 per share). Excluding the fourth quarter gain on the sale of the natural gas compression business and $38.1 million ($.33 per share) of after tax non-recurring costs in the second quarter related to personnel reductions and two significant engineering and construction job losses, 1994 net income was $151.6 million ($1.33 per share). In 1993 Halliburton had a net loss of $161.0 million ($1.43 per share). 6 The Energy Services business segment's 1994 fourth quarter revenues were $666.6 million compared to $831.6 million in the 1993 fourth quarter. The prior year quarter included $120.2 million of revenues associated with the geophysical business which was sold at the beginning of 1994. The Energy Services segment's operating income increased substantially to $95.4 million for the 1994 fourth quarter, the highest since 1984, reflecting successful implementation of strategic action plans that have continued to lower the segment's cost structure and improve organizational efficiencies. The 1994 fourth quarter operating profit margin was 14.3 percent, the highest quarterly margin achieved by the segment over the past decade. This compares to the 1993 fourth quarter reported operating loss of $28.4 million. The Engineering and Construction Services business segment's revenues were $811.1 million in the 1994 fourth quarter, seven percent higher than the year ago quarter. The revenues reflect strong growth by the Brown & Root Energy Services and Brown & Root Services Corp. business units. Operating income was $21.0 million in the 1994 fourth quarter compared to $23.2 million in the prior year's fourth quarter. Year end 1994 firm order backlogs increased 14 percent to $3.8 billion, compared to year end 1993. 7 Thomas H. Cruikshank, chairman of the board and chief executive officer of Halliburton Company, stated, "The outstanding fourth quarter operating results of the Halliburton Energy Services segment occurred in a lackluster petroleum industry marketplace. This performance confirms that the dramatic improvements we achieved during the 1994 third quarter are sustainable. It is likely that the United States energy services' market in 1995 will decline as a result of lower natural gas prices. However, we expect increased demand in international markets because of higher oil prices. In addition, the improvement in earnings in the second half of 1994 caused by reduced costs, enhanced process efficiencies and renewed customer focus will carry over and benefit full year 1995 financial results. Brown & Root's engineering and construction business should also experience a better 1995. Consequently, we enter 1995 with confidence that we will achieve year-to-year improvement, even in a worldwide energy market that will likely be flat to slightly down in activity levels." Halliburton Company is one of the world's largest diversified energy services, engineering, maintenance, and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction services, and property and casualty insurance services. 8 HALLIBURTON COMPANY Quarter Ended Twelve Months Ended December 31, December 31, --------- --------- ---------- ---------- 1994 1993 1994 1993 --------- --------- ---------- ---------- Millions of dollars except per share data Revenues Energy services $ 666.6 $ 831.6 $ 2,514.0 $ 2,953.4 Engineering and construction services 811.1 756.4 2,996.2 3,140.7 Insurance services 55.7 65.3 230.3 256.7 --------- --------- ---------- ---------- Total revenues $1,533.4 $1,653.3 $ 5,740.5 $ 6,350.8 ========= ========= ========== ========== Operating income (loss) Energy services $ 95.4 $ (28.4) $ 191.1 $ (147.7) Engineering and construction services 21.0 23.2 67.2 79.3 Insurance services - (12.4) (0.4) (42.2) General corporate expenses (5.3) (4.8) (22.9) (22.0) --------- --------- ---------- ---------- Total operating income (loss) 111.1 (22.4) 235.0 (132.6) Interest expense (13.5) (14.0) (47.1) (50.1) Interest income 7.8 4.1 16.2 13.9 Foreign currency losses (0.3) (3.2) (15.6) (21.0) Gain on sale of compression business 102.0 - 102.0 - Other nonoperating, net - 0.3 0.4 0.7 --------- --------- ---------- ---------- Income (loss) before income taxes and minority interest 207.1 (35.2) 290.9 (189.1) Benefit (provision) for income taxes (79.4) (7.2) (112.9) 26.6 Minority interest (0.2) 0.4 (0.2) 1.5 --------- --------- ---------- ---------- Net income (loss) $ 127.5 $ (42.0) $ 177.8 $ (161.0) ========= ========= ========== ========== Income (loss) per share* $ 1.12 $ (0.37) $ 1.56 $ (1.43) Average common and common share equivalents outstanding 114.2 114.1 114.2 112.5 * Per share amounts are based upon average number of common and common share equivalents outstanding.