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)
JANUARY 23, 2002
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 January 23, 2002 registrant issued a press release entitled "Moody's
Credit Ratings of Halliburton Remain Investment Grade".
The following summarizes that press release:
Registrant announced that Moody's Investor Service has continued
registrant's credit ratings at investment grade. Moody's reduced registrant's
long-term credit rating from A3 to Baa2 and has maintained its commercial paper
rating at Prime-2.
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 January 23, 2002.
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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: January 24, 2002 By: /s/ Susan S. Keith
------------------------------------
Susan S. Keith
Vice President and Secretary
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EXHIBIT INDEX
Exhibit Description
20 Press Release Dated January 23, 2002
Incorporated by Reference
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FOR IMMEDIATE RELEASE CONTACT:Cedric Burgher
January 23, 2002 Vice President - Investor Relations
Halliburton
713.676.4608
MOODY'S CREDIT RATINGS OF HALLIBURTON REMAIN INVESTMENT GRADE
Company Cites Its Strong Financial Position and Record of Effective Management
of Asbestos-related Liabilities
DALLAS, TX - Halliburton [NYSE: HAL] said today that Moody's Investors' Service
has continued the company's credit ratings at investment grade. Halliburton
emphasized that its finances remained strong and said that the ratings changes
would not affect its strategy for long-term growth. Today, Moody's reduced the
company's long-term credit rating from A3 to Baa2 and has maintained its
commercial paper rating at Prime-2.
Dave Lesar, chairman, president and CEO, Halliburton said, "We believe that
Moody's decision to continue its investment grade ratings reflects the strengths
of Halliburton as a profitable, growing company with a strong balance sheet and
substantial financial resources. The ratings changes will not affect our ability
to execute on our strategy to achieve long-term, sustained growth by leveraging
our strong core businesses and the global positioning of our products and
services."
"Moody's has taken this step mainly because of concerns about
asbestos-related litigation following several unusual awards that we believe
will not be sustained by the appellate courts. Halliburton has successfully
managed asbestos-related liabilities and settled more than 201,000 claims over a
25 year period at an average cost of $200. We believe that we have the resources
and the ability to continue to manage these liabilities effectively and that our
ongoing success, coupled with our company's underlying financial strength, will
lead to higher credit ratings again in the future."
- more -
HALLIBURTON\2
Halliburton has substantial insurance available to cover most
asbestos-related defense expenses and judgments, as well as a $125-million net
reserve for such liabilities. The company's strong balance sheet includes
approximately $2.8 billion in working capital. Highlights of the company's
finances are:
o Approximately $290 million in cash at the end of the year 2001,
which would satisfy 19 percent of the company's debt;
o $700 million in revolving credit agreements; and
o Total indebtedness amounting to 24 percent of its capitalization, at
year-end 2001, down from 40 percent at the end of 2000.
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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