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 12, 2000
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 April 12, 2000 registrant issued a press release entitled "Shell and
Halliburton to Form WellDynamics Joint Venture," pertaining to, among other
things, the announcement by registrant that it and Shell International
Exploration and Production B.V. have signed a Memorandum of Understanding for
the establishment of a 50-50 joint venture to further develop and market
registrant's Smart Well(TM) technology and Shell's iWell(TM) technology to the
oil and gas industry on a global basis. The joint venture company's name will
be WellDynamics and will have offices in Aberdeen, Scotland. Closing of the
joint venture is subject to negotiation of definitive agreements and regulatory
approvals. The full text of the press release is filed as an exhibit to this
report.
NOTE: In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, the registrant cautions that
statements in the attached press release which are forward looking and which
provide other than historical information involve risks and uncertainties that
may impact the registrant's actual results of operations. Please see the
registrant's Form 10-K for the year ended December 31, 1999 for a more complete
discussion of such risk factors.
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 12, 2000.
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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: April 12, 2000 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 7
April 12, 2000
Incorporated by Reference
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FOR IMMEDIATE RELEASE CONTACT: Dave Stuart
April 12, 2000 Shell International
London
44 207 934 3453
Dirk Vande Beek or
Zelma Branch
Halliburton Company
713.676.4371
SHELL AND HALLIBURTON TO FORM WELLDYNAMICS JOINT VENTURE
HOUSTON, DALLAS AND THE HAGUE, Netherlands- Shell International Exploration and
Production B.V., a company of the Royal Dutch/Shell Group of Companies, and
Halliburton Company (NYSE: HAL) announced today that they have signed a
Memorandum of Understanding for the establishment of a 50-50 joint venture to
further develop and market Halliburton's SmartWell(TM) technology and Shell's
iWell(TM) technology to the oil and gas industry on a global basis.
The joint venture company, to be named WellDynamics with offices in
Aberdeen, Scotland, will combine the complementary capabilities and technologies
of Shell and Halliburton. Shell's iWell(TM) intelligent well technology and
Halliburton's SmartWell(TM) intelligent completions technology - currently
provided by Petroleum Engineering Services (PES), a wholly-owned subsidiary of
Halliburton - represent a convergence of the state-of-the-art in downhole
measurement, inflow control, downhole processing, and communications
technologies.
-more-
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Shell/Halliburton\2
"The joint venture will allow us to differentiate our global EP
business through the development and effective deployment of this strategic
technology," said Phil Watts, Shell Group Managing Director and CEO, Exploration
and Production. "The true long-term value of this technology will be achieved
only with the development of complete systems -- integrating Shell operator and
Halliburton service company capabilities and technologies. We believe that its
impact in the industry will be as great as 3D seismic and horizontal well
technology."
Dick Cheney, Chairman and CEO of Halliburton Company, said: "We are
very pleased to be a part of this effort to revolutionize reservoir
optimization. Clearly one of the reasons we recently acquired PES was its
leading edge technology in the rapidly-evolving intelligent completion solutions
arena. Along with Shell, we see this joint venture as a major step forward to
the next level in value creation."
Larry Kinch, the founder and chairman of PES, will head WellDynamics
which will be independently managed with its own staff, recruited initially from
PES, Halliburton and Shell.
Intelligent completion technology is in its early growth stage. The
technology provides downhole sensing, communication and remote control of tool
functions. This combination allows real-time surface interpretation of downhole
conditions and the manipulation of production control devices to optimize
reservoir performance.
Producers can reconfigure a well's architecture at will and acquire
real-time data without well intervention. The ability to actively manage the
reservoir permits the operator to maximize fluids production while also
improving total recovery, a combination that has a dramatic positive impact on
the net present value of the asset.
-more-
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Shell/Halliburton\3
Currently the most common applications for intelligent completion
solutions are deepwater, subsea, and remote locations, which generally require
substantial costs for well support work. However, as the technology expands,
intelligent completion solutions will be used to add value to a broader segment
of the market, including land and platform developments. The total market for
intelligent completions is expected to develop to more than US$1 billion in the
next 10 years.
Closing of the joint venture is subject to negotiation of definitive
agreements and regulatory approvals.
The Royal Dutch/Shell Group of Companies - usually known as Shell - has
grown out of an alliance made in 1907 between Royal Dutch Petroleum Company in
The Netherlands (NYSE:RD) and The "Shell" Transport and Trading Company, p.l.c.
in the UK (NYSE:SC). Today Shell has five core businesses: Exploration &
Production, Oil Products, Chemicals, Downstream Gas & Power, and Renewables, and
it is operating in more than 140 countries around the world. You can learn more
about Shell at http://www.shell.com.
Founded in 1919, Halliburton Company is the world's leading diversified
energy services, engineering, construction, maintenance and energy equipment
company. In 1999, Halliburton's consolidated revenues were $14.9 billion and it
conducted business with a workforce of approximately 100,000 in more than 120
countries. The company's World Wide Web site can be accessed at
http://www.halliburton.com.
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