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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)
MAY 28, 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
Page 1 of 6 Pages
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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 May 28, 2002 registrant issued a press release entitled "Halliburton
Reports SEC Investigation of Accounting Practice," pertaining to an announcement
that registrant has received notification from the Securities and Exchange
Commission that it has initiated a preliminary investigation of registrant's
accounting treatment of cost overruns on construction jobs. Registrant believes
that it has accounted for construction claims and change orders in accordance
with generally accepted accounting principles applicable to the construction
industry. Registrant has advised the SEC that it will cooperate fully with the
SEC in its investigation.
Please see the full text of the attached press release for further details.
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 May 28, 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: May 29, 2002 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 6
May 28, 2002
Incorporated by Reference
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FOR IMMEDIATE RELEASE Contact: Cedric Burgher
May 28, 2002 Vice President, Investor Relations
713-676-4608
Wendy Hall
Manager, Media Relations
713-676-5227
HALLIBURTON REPORTS SEC INVESTIGATION OF ACCOUNTING PRACTICE
DALLAS, Texas -- Halliburton Company (NYSE:HAL) announced today that it has
received notification from the Securities and Exchange Commission that it has
initiated a preliminary investigation of the Company's accounting treatment of
cost overruns on construction jobs. The Company expects to receive a formal
request for documents or a subpoena in the next few days. The Company believes
that it has accounted for construction claims and change orders in accordance
with generally accepted accounting principles applicable to the construction
industry. The Company has advised the SEC that it will cooperate fully with the
SEC in its investigation.
The Company believes that this investigation results from an article in the New
York Times on May 22, 2002, in which certain allegations were reported
concerning the Company's accounting treatment of construction job claims and
change orders which are negotiated with customers. Prior to 1998 and the merger
with Dresser, the Company did not record such items in revenue or accounts
receivable before they were resolved with the customer. The Company disclosed in
its Form 10-K for 1998 that it had recorded losses on certain engineering and
construction projects related to current year claims and change orders which it
did not feel would be accepted by customers. Furthermore, in instances where
unapproved claims and change orders were recognized in revenue and accounts
receivable, no profits at all were recognized on the related projects. During
1998, the Company began to record such items in revenue and accounts receivable
when the Company expected such items to be collectible from the customer. The
Company has continued this accounting treatment of similar items since 1998 and
has never recorded a profit on a job where an unapproved claim or change order
has been recorded in revenue.
Halliburton, founded in 1919, is one of the world's largest providers 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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