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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 31, 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 31, 1998 registrant issued a press release entitled
Halliburton Completes Sale of M-I Interest to Smith International
pertaining, among other things, to an announcement that Smith International has
completed the purchase of registrant's 36 percent ownership interest in
M-I L.L.C. for $265 million. The purchase price was in the form of a
non-interest bearing promissory note due 240 days after the August 31, 1998
closing. All of M-I's debt will remain an obligation of M-I. This transaction
completes registrant's commitment to sell its M-I interest in connection with
registrant's pending merger with Dresser Industries, Inc. which
is expected to close this fall.
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 31, 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 31, 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 31, 1998
Incorporated by Reference
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FOR IMMEDIATE RELEASE Contact: Guy T. Marcus John J. Kennedy
August 31, 1998 V P-Investor Relations CFO
Halliburton Smith International
214) 978-2691 (281) 443-3370
HALLIBURTON COMPLETES SALE OF M-I INTEREST TO
SMITH INTERNATIONAL
DALLAS, Texas -- Halliburton Company (NYSE:HAL) and Smith
International, Inc., (NYSE, PSE:SII) jointly announce today that Smith
International has completed the purchase of 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 now owns 100 percent of M-I; Smith owned a 64 percent
majority interest prior to today's purchase.
The purchase price was paid by Smith in the form of a non-interest
bearing promissory note due 240 days after today's closing. All of M-I's debt
will remain an obligation of M-I. This transaction completes 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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