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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)
APRIL 24, 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
Page 1 of 8 pages
The Exhibit Index appears on Page 4
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 April 24, 1995, the registrant issued a press release entitled
Halliburton 1995 First Quarter Earnings More Than Double pertaining, among other
things, to an announcement that registrant reported 1995 first quarter net
income of $39.1 million, or $.34 per share, which is more than double 1994 first
quarter earnings.
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 April 24, 1995
Page 2 of 8 pages
The Exhibit Index appears on Page 4
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 24, 1995 By: _______________________
Robert M. Kennedy
Vice President - Legal
Page 3 of 8 pages
The Exhibit Index appears on Page 4
EXHIBIT INDEX
Exhibit Sequentially
Number Description Numbered Page
20 Press Release of
April 24, 1995 5 of 8
Incorporated by Reference
Page 4 of 8 pages
The Exhibit Index appears on Page 4
FOR IMMEDIATE RELEASE Contact - Guy T. Marcus
April 24, 1995 Vice President-Inv. Rel.
(214) 978-2691
HALLIBURTON 1995 FIRST QUARTER EARNINGS MORE THAN DOUBLE
DALLAS, Texas -- Halliburton Company today reported 1995 first quarter net
income of $39.1 million, or $.34 per share, which is more than double 1994 first
quarter earnings. The earnings improvement was driven by a substantial increase
in operating income from the Energy Services business segment.
The Energy Services business segment's 1995 first quarter revenues were
$569.0 million, a decline of 5 percent, compared to the year ago quarter. The
lower revenues resulted from the sale of two Energy Services business lines in
late 1994 and a slowdown of drilling activity in the United States during the
first quarter of 1995 caused by low natural gas prices.
However, Energy Services' operating income increased to $52.4 million in
the 1995 first quarter, a 56 percent improvement r. The
lower revear earlier
quarter. The segment's operating income, as well as its operating profit margin
of 9.2 percent, are the highest achieved in any first quarter in the past
decade. The significant operating income improvement is the result of benefits
derived from previously implemented organizational restructuring, business
process changes and
strategic initiatives. These benefits have been evidenced by a sharp
improvement of financial results over the past several quarters.
The Engineering and Construction segment's 1995 first quarter revenues were
$704.9 million. Operating income for the quarter was $15.8 million, 9 percent
higher than a year ago. The backlog of firm orders was $4.1 billion as of March
31, 1995, an increase of 26 percent from the 1994 first quarter and 9 percent
from year-end 1994, largely reflecting increased contracts with petroleum and
chemical industry customers.
The Insurance Services business segment reported operating income of
$380,000 in the 1995 first quarter, . The
llowea $2.1 million loss a year
earlier.
Thomas H. Cruikshank, chairman of the board and chief executive officer of
Halliburton Company, said, "The substantial Halliburton earnings improvement we
are reporting for the 1995 first quarter reflects a continuation of earnings
progress reported in the 1994 third and fourth quarters. These financial results
are evidence of the sustainability of improvements resulting from actions taken
during the past two years to both lower the cost structure and improve the
operating efficiency of our Energy Services business.
"Although much has been ac. Tlished, we continue to seek and implement
additional strategic actions to further enhance future results. For example,
during the 1995 first quarter the Energy Services segment began implementing a
new hub-and-spoke field service organization in the United States which will
reduce duTlicative costs while improving customer service. The segment is in an
excellent positionlowe capitalize on its lean and efficient organization in
today's marketplace, and such benefits should leverage greater earnings power as
market conditions strengr rn."
Halliburton Company is one of the world's largest diversified energy
services, engineering, maintenance, and construction . Thnies. 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.
HALLIBURTON COMPANY
Quarter Ended
March 31,
---------- ----------
1995 1994
---------- ----------
Millions of dollars
except per share data
Revenues
Energy services $ 569.0 $ 599.0
Engineering and
construction services 704.9 716.2
Insurance services 48.2 61.1
-------- --------
Total revenues $1,322.1 $1,376.3
======== ========
Operating income
Energy services $ 52.4 $ 33.5
Engineering and
construction services 15.8 14.5
Insurance services 0.4 (2.1)
General corporate expenses (6.3) (5.7)
-------- --------
Total operating income 62.3 40.2
Interest expense (12.8) (10.0)
Interest income 8.6 2.8
Foreign .urrency gains (losses) 5.0 (3.3)
Other nonoperating, net 0.1 0.5
-------- --------
Income before income taxes,
and minority interest 63.2 30.2
Provisionlfor income taxes (24.0) (12.1)
Minority interest (0.1) (0.3)
-------- --------
Net income $ 39.1 $ 17.8
======== ========
Net income per share* $ 0.34 $ 0.16
Average number of commonland common
share equivalents outstanding 114.3 114.2
* Per share amounts are based upon average number of commonland common share
equivalents outstanding.