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)
DECEMBER 11, 2001
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 December 11, 2001 registrant issued a press release entitled
"Halliburton Maintains Standard & Poor's Investment Grade Rating".
The following summarizes that press release:
Registrant announced that Standard and Poor's reduced its long-term credit
rating to A- from A+ and registrant's commercial paper rating from A1 to A2. The
ratings continue at investment grade levels. Highlights of registrant's December
10, 2001 telephone conference call to discuss its asbestos litigation strategy
and balance sheet and liquidity included:
o Registrant currently has approximately $250 million in cash. The cash
balance alone is enough to satisfy 16 percent of registrant's debt.
o In addition to cash, as of October 31, 2001, registrant had $2.7
billion in other positive working capital, another significant source
of liquidity.
o Registrant currently has $700 million in committed credit lines on bank
revolving credit agreements, under which there are no outstandings.
o During the first ten months of 2001 registrant has reduced its debt
from 40 percent of capitalization to 25 percent.
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 December 11, 2001.
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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: December 12, 2001 By: /s/ Susan S. Keith
----------------------------------------
Susan S. Keith
Vice President and Secretary
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EXHIBIT INDEX
Exhibit Description
20 Press Release Dated December 11, 2001
Incorporated by Reference
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FOR IMMEDIATE RELEASE CONTACT:Cedric Burgher
December 11, 2001 Vice President-Investor Relations
cedric.burgher@halliburton.com
(713) 676-5227
Wendy Hall
Manager-Media Relations
wendy.hall@halliburton.com
(713) 676-5227
HALLIBURTON MAINTAINS STANDARD & POOR'S INVESTMENT
GRADE RATING
DALLAS, Texas - Standard and Poor's today reduced Halliburton's (NYSE: HAL)
long-term credit rating to A- from A+, and the company's commercial paper rating
from A1 to A2. The ratings continue at investment grade levels.
"We are pleased to see that we continue to hold strong investment grade
ratings with Standard & Poor's in light of all that has happened in the last few
days," said Dave Lesar, chairman, president and chief executive officer,
Halliburton. "The strength of our balance sheet and our underlying core
businesses mean we can look forward to returning to our A+ rating as we continue
to execute on our business strategies."
On Monday morning, Halliburton outlined its strategy with regard to
asbestos litigation. In addition, the company reviewed its balance sheet and
liquidity. Highlights included:
o Halliburton currently has approximately $250 million in cash. The cash
balance alone is enough to satisfy 16 percent of the company's debt.
o In addition to cash, as of October 31, 2001, Halliburton had $2.7
billion in other positive working capital, another significant source
of liquidity.
-more-
Halliburton Company page 2
o Halliburton currently has $700 million in committed credit lines on
bank revolving credit agreements, under which there are no
outstandings.
o During the first ten months of 2001 Halliburton has reduced its debt
from 40 percent of capitalization to 25 percent.
"Halliburton is very sound financially," said Doug Foshee, chief financial
officer, Halliburton. "Halliburton has an extremely strong balance sheet that is
conservatively financed with substantial amounts of working capital as well as
significant amounts of borrowing capacity."
Halliburton, founded in 1919, is the world's largest provider of products
and services to the petroleum and energy industries. The company serves its
customers with a broad range of products and services through its Energy
Services Group and Engineering and Construction Group business segments. The
company's World Wide Web site can be accessed at www.halliburton.com.
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