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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)
OCTOBER 22, 1997
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
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 October 22, 1997 registrant issued a press release entitled
Halliburton 1997 Third Quarter Earnings Increase 60 Percent pertaining, among
other things, to an announcement that registrant had 1997 third quarter net
income of $121.1 million, an increase of 60 percent compared to the 1996 third
quarter net income of $75.5 million. Earnings per share for the 1997 third
quarter were $.45 compared to $.30 in the 1996 third quarter. Consolidated
revenues totaled $2,305 million in the 1997 third quarter, a 24 percent increase
over the 1996 quarter.
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 October 22, 1997.
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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: October 24, 1997 By:
------------------------
Susan S. Keith
Vice President and Secretary
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EXHIBIT INDEX
Exhibit Sequentially
Number Description Numbered Page
20 Press Release of 5 of 8
October 22, 1997
Incorporated by Reference
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FOR IMMEDIATE RELEASE Contact: Guy T. Marcus
October 22, 1997 VP-Inv. Rel.
(214) 978-2691
HALLIBURTON 1997 THIRD QUARTER EARNINGS INCREASE 60 PERCENT
DALLAS, Texas -- Halliburton Company (NYSE: HAL) announces 1997 third
quarter net income of $121.1 million, an increase of 60 percent compared to the
1996 third quarter net income of $75.5 million. The 1997 third quarter net
income includes an $8.6 million after-tax charge (also, $8.6 million pretax)
associated with the acquisition costs of NUMAR Corporation. Earnings per share
for the 1997 third quarter were $ .47 compared to $ .30 in the year earlier
quarter. Consolidated revenues totaled $2,305 million in the 1997 third quarter,
a 24 percent increase over the 1996 quarter.
The Energy Group business segment's 1997 third quarter revenues were
$1,502 million, an increase of 35 percent compared to the year earlier quarter.
Worldwide revenue growth was experienced with U.S. revenues increasing by 36
percent and international revenues gaining 34 percent, compared to the year ago
quarter. The Energy Group's strong growth compares favorably with the 16
-more-
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Halliburton Company 2
percent increase for rotary rigs drilling wells throughout the world during the
same time period.
The Energy Group's 1997 third quarter operating income increased by 72
percent to $202.4 million compared to the 1996 quarter. Robust growth of
operating income was experienced and helped to improve operating margins to 13.5
percent in the 1997 third quarter compared to 10.5 percent a year ago.
The Engineering and Construction Group business segment's revenues
increased by 7.7 percent in the 1997 third quarter compared to the 1996 quarter,
while operating income increased by 38 percent to $31.3 million during the same
time period. As a result, operating margins improved to 3.9 percent compared to
3.0 percent a year earlier. Operating income profitability continues to benefit
from efficiencies gained from the restructuring of the business segment in late
1996.
Dick Cheney, chairman of the board and chief executive officer of
Halliburton Company, said, "Halliburton is benefiting from a combination of
stronger market conditions and the company's improved competitive position.
Worldwide petroleum demand is growing, crude oil and natural gas prices remain
strong and our customers have been increasing spending to expand and enhance
their positions to participate in long term growth opportunities."
Cheney continued, "Halliburton's improved operating efficiencies and
-more-
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Halliburton Company 3
its advantageous worldwide infrastructure is enabling the company to capitalize
on opportunities. Also, new technology based products and services are providing
meaningful increases to revenues and strengthening our future outlook.
Halliburton's technological position was further enhanced by the acquisition of
NUMAR Corporation at the end of September. NUMAR's patented Magnetic Resonance
Imaging Logging (MRIL(R)) tool utilizes technology widely used in medical
diagnostic imaging devices and represents a major breakthrough to evaluate
subsurface rock formations in newly-drilled oil and gas wells."
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.
###
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HALLIBURTON COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Quarter Ended Nine Months
September 30 September 30
---------- ---------- ---------- ----------
1997 1996 * 1997 1996 *
---------- ---------- ---------- ----------
Millions of dollars except per share data
Revenues
Energy Group $ 1,501.8 $ 1,114.3 $ 4,078.5 $ 3,010.4
Engineering and
Construction Group 802.9 745.6 2,354.8 2,385.0
---------- ---------- ---------- ----------
Total revenues $ 2,304.7 $ 1,859.9 $ 6,433.3 $ 5,395.4
========== ========== ========== ==========
Operating income
Energy Group $ 202.4 $ 117.5 $ 479.7 $ 324.7
Engineering and
Construction Group 31.3 22.6 90.7 32.1
Special charges (8.6) (73.6) (8.6) (85.8)
General corporate (8.1) (9.2) (24.1) (26.4)
---------- ---------- ---------- ----------
Total operating
income 217.0 57.3 537.7 244.6
Interest expense (13.4) (6.9) (29.2) (17.7)
Interest income 2.8 4.8 9.3 11.9
Foreign currency
gains (losses) (0.3) (0.5) 0.3 (2.7)
Other nonoperating,
net (0.1) 0.3 0.4 0.4
---------- ---------- ---------- ----------
Income before
income taxes and
minority interests 206.0 55.0 518.5 236.5
(Provision) benefit
for income taxes (81.2) 20.8 (202.4) (43.5)
Minority interest
in net (income) loss
of subsidiaries (3.7) (0.3) (10.1) (0.2)
---------- ---------- ---------- ----------
Net income $ 121.1 $ 75.5 $ 306.0 $ 192.8
========== ========== ========== ==========
Income per share ** $ 0.47 $ 0.30 $ 1.19 $ 0.77
Average common
and common share
equivalents
outstanding 257.4 252.2 256.4 251.5
* Restated for Landmark Graphics Corporation pooling of
interests and business realignment.
** Per share amounts are based upon average number of common
and common share equivalents outstanding adjusted for the
two-for-one common stock split declared on June 9, 1997,
and effected in the form of a stock dividend on July 21,
1997, to shareholders of record at June 26, 1997.
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