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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)
JULY 25, 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 July 25, 1995,
the registrant issued a press release entitled Halliburton Reports Substantially
Improved 1995 Second Quarter Earnings pertaining, among other things, to an
announcement that registrant reported that 1995 second quarter net income was
$56.2 million, or 49 cents 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 July 25, 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: July 26, 1995 By: _____________________________
Susan S. Keith
Vice President
Secretary and Corporate Counsel
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EXHIBIT INDEX
Exhibit Sequentially
NUMBER DESCRIPTION NUMBERED PAGE
20 Press Release of
July 25, 1995 5 of 8
Incorporated by Reference
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FOR IMMEDIATE RELEASE Contact- Guy T. Marcus
July 25, 1995 Vice President-Inv. Rel.
(214) 978-2691
HALLIBURTON REPORTS SUBSTANTIALLY IMPROVED
1995 SECOND QUARTER EARNINGS
DALLAS, Texas -- Halliburton Company (NYSE-HAL) today reported that 1995
second quarter net income was $56.2 million, or 49 cents per share. Second
quarter earnings reflect improved profitability at the company's two core
business segments -- Halliburton Energy Services and Engineering and
Construction. The 1995 earnings compare to a loss of $19.2 million, or 17 cents
per share, in the 1994 second quarter, which included $38.1 million, or 33 cents
per share, of after tax non-recurring costs relating to personnel reductions and
two significant engineering and construction job losses.
The Halliburton Energy Services business segment's revenues were $629.6
million in the 1995 second quarter, an increase of 4 percent compared to the
year ago quarter. Revenues for the 1995 second quarter increased 7 percent,
excluding businesses included in 1994 results but subsequently sold. Slightly
lower 1995 revenues in the United States were offset by a 14 percent increase in
international revenues, reflecting growth in the Latin America, Europe/Africa
and Asia Pacific markets.
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Halliburton Energy Services' operating income increased to $71.2 million in
the 1995 second quarter. A loss of $19.8 million was reported in last year's
second quarter, after $42.6 million of charges for personnel reductions. The
1995 second quarter operating margin was 11.3 percent, the highest second
quarter margin in over a decade.
The Engineering and Construction business segment, operated by the
company's Brown & Root subsidiary, had revenues of $768.0 million in the 1995
second quarter compared to $764.1 million a year ago. Both operating income and
operating margins rose sharply to $33.5 million and 4.4 percent, respectively.
The increased earnings were primarily the result of improved performance by the
Brown & Root Energy Services business unit.
The Insurance Services business segment reported 1995 second quarter
operating income of $2.3 million, compared to a small operating loss a year ago.
The 1995 second quarter results benefitted from reduced underwriting losses from
discontinued lines of business.
Thomas H. Cruikshank, chairman of the board and chief executive officer of
Halliburton Company, said, "The strong financial results reported in the 1995
second quarter reflect a continuation of a trend which commenced a year ago.
Over the past 12 months, Halliburton has produced earnings of $1.84 per share,
excluding a $.56 per share gain on the sale of a business unit, and year to year
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operating improvements have been noted with each passing quarter. These results
reflect successful organizational changes and new strategic initiatives designed
to increase the company's opportunities in a dynamic market environment. I am
optimistic that Halliburton is on track to continue to build upon these
improvements in the future."
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.
# # #
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HALLIBURTON COMPANY
Quarter Ended Six Months Ended
June 30, June 30,
--------- --------- --------- ---------
1995 1994 1995 1994
--------- --------- --------- ---------
Millions of dollars except per share data
Revenues
Energy services $ 629.6 $ 605.6 $1,198.6 $1,204.6
Engineering and
construction services 768.0 764.1 1,472.9 1,480.3
Insurance services 46.9 55.7 95.1 116.8
--------- --------- --------- ---------
Total revenues $1,444.5 $1,425.4 $2,766.6 $2,801.7
========= ========= ========= =========
Operating income (loss)
Energy services $ 71.2 $ (19.8) $ 123.6 $ 13.7
Engineering and
construction services 33.5 11.4 49.3 25.9
Insurance services 2.3 (0.1) 2.7 (2.2)
General corporate
expenses (7.3) (6.4) (13.6) (12.1)
--------- --------- --------- ---------
Total operating
income (loss) 99.7 (14.9) 162.0 25.3
Interest expense (12.3) (11.0) (25.1) (21.0)
Interest income 5.7 3.0 14.3 5.8
Foreign currency
gains (losses) (1.4) (9.9) 3.6 (13.2)
Other nonoperating, net 0.1 0.7 0.2 1.2
--------- --------- --------- ---------
Income (loss) before income taxes
and minority interest 91.8 (32.1) 155.0 (1.9)
Benefit (provision)
for income taxes (34.9) 12.9 (58.9) 0.8
Minority interest (0.7) - (0.8) (0.3)
--------- --------- --------- ---------
Net income (loss) $ 56.2 $ (19.2) $ 95.3 $ (1.4)
========= ========= ========= =========
Income (loss) per share $ 0.49 $ (0.17) $ 0.83 $ (0.01)
Average common and common share
equivalents outstanding 114.4 114.1 114.4 114.2
* Per share amounts are based upon average number of common and common share
equivalents outstanding.
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