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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)
AUGUST 21, 1998
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 August 21, 1998 registrant issued a press release entitled
Halliburton to Sell M-I Interest to Smith International pertaining, among other
things, to an announcement that registrant and Smith International have entered
into a definitive agreement pursuant to which Smith International will purchase
registrant's 36 percent ownership interest in M-I L.L.C. for $265 million. The
purchase price will be paid in the form of a non-interest bearing promissory
note due 240 days after closing. Closing is expected by the end of August,
1998. All of M-I's debt will remain an obligation of M-I.
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 August 21, 1998.
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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: August 21, 1998 By: /s/ Susan S. Keith
------------------------------
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 5
August 21, 1998
Incorporated by Reference
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FOR IMMEDIATE RELEASE Contact: Guy T. Marcus John J. Kennedy
August 21, 1998 V P-Investor Relations CFO
Halliburton Smith International
(214) 978-2691 (281) 443-3370
HALLIBURTON TO SELL M-I INTEREST TO SMITH INTERNATIONAL
DALLAS, Texas -- Halliburton Company (NYSE:HAL) and Smith
International, Inc., (NYSE, PSE:SII) jointly announce today that they have
entered into a definitive agreement pursuant to which Smith International will
purchase Halliburton's 36 percent ownership interest in M-I L.L.C. for $265
million. M-I is a leading supplier of drilling and completion fluid
products/systems, services and equipment to the worldwide petroleum industry.
Smith currently owns 64 percent of M-I.
The purchase price will be paid by Smith in the form of a non-interest
bearing promissory note due 240 days after closing. All of M-I's debt will
remain an obligation of M-I. Closing is expected by the end of August 1998. This
transaction will complete Halliburton's commitment to sell its M-I interest in
connection with its pending merger with Dresser Industries, Inc. (NYSE:DI) which
is expected to close this fall.
Smith International, Inc. is a leading worldwide supplier of premium
products and services to the oil and gas exploration, production and
petrochemical industries through its five principal business units - M-I Fluids,
M-I SWACO, Smith Bits, Smith Drilling & Completions and Wilson Supply.
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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