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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)
FEBRUARY 18, 2003
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
4100 Clinton Drive
Houston, Texas 77020-6299
(Address of principal executive offices)
Registrant's telephone number,
including area code - 713-676-3011
INFORMATION TO BE INCLUDED IN REPORT
Item 9. Regulation FD Disclosure
On February 18, 2003 registrant issued a press release entitled
"Halliburton Stay Continued Until March 21, 2003."
The text of the press release is as follows:
HALLIBURTON STAY CONTINUED UNTIL MARCH 21, 2003
Houston, Texas - Halliburton (NYSE: HAL) today announced following a hearing in
the Harbison-Walker bankruptcy case that the court's temporary restraining order
has been continued until March 21, 2003. This restraining order was originally
entered on February 14, 2002, staying more than 200,000 pending asbestos claims
against Halliburton's subsidiary DII Industries, LLC (DII).
The court also ruled Halliburton must file an affidavit stating
settlement agreements have been signed by attorneys representing 75% of DII's
current asbestos claimants by March 14, 2003. If this deadline is not met, the
court will hear oral arguments presented by both sides on March 21, 2003 on a
motion to lift the stay. While there can be no assurance that formal agreements
will be reached or that the stay would be continued following oral arguments,
Halliburton already has preliminary agreements with attorneys representing more
than 90% of claimants and believes that settlement agreements with the required
75% of claimants can be completed prior to March 14, 2003.
On December 18, 2002, Halliburton announced that it had reached an
agreement in principle to achieve a global settlement of its asbestos claims.
The agreement contemplated that Halliburton would conduct due diligence on the
asbestos claims, and that DII and attorneys for the asbestos claimants would use
reasonable efforts to execute definitive settlement agreements. While all the
required settlement agreements have not yet been executed, Halliburton and
attorneys for certain of the asbestos claimants have now reached agreement on
what they believe will be a template for such settlement agreements. These
agreements are subject to a number of conditions, including agreement on a
Chapter 11 plan of reorganization for certain Halliburton subsidiaries,
including DII; approval by 75% of current asbestos claimants to the plan of
reorganization; the negotiation of financing acceptable to Halliburton; approval
by Halliburton's board of directors; and confirmation of the plan of
reorganization by a bankruptcy court. The template settlement agreement also
grants the claimants' attorneys a right to terminate the definitive settlement
agreement on ten days' notice if Halliburton's DII subsidiary does not file a
plan of reorganization under the bankruptcy code on or before April 1, 2003.
Halliburton is conducting due diligence on the asbestos claims, which
is not expected to be completed by April 1, 2003. Therefore, Halliburton does
not expect its subsidiary to file a plan of reorganization prior to April 1.
Although there can be no assurances, Halliburton does not believe the claimants'
attorneys will terminate the settlement agreements on April 1, 2003 as long as
adequate progress is being made toward a Chapter 11 filing.
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.
The statements in this press release that are not historical statements
are forward-looking statements within the meaning of the federal securities
laws. These statements are subject to numerous risks and uncertainties beyond
the company's control, which could cause actual events to differ materially from
those expressed or implied by the statements. These risks and uncertainties
include, but are not limited to: legal risks, including the possibility of
adverse rulings by courts of law or the institution of litigation or other legal
proceedings challenging the company's actions or proposed actions; changes in
laws or government regulations affecting the company's actions or proposed
actions; adverse political or public reaction as a result of scrutiny involving
the company; and liquidity risks, including the company's ability to access
credit and raise capital and the availability and costs of financing to the
company. Please see Halliburton's Form 10-K for the year ended December 31, 2001
and Form 10-Q for the quarter ended September 30, 2002 for a more complete
discussion of risk factors.
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: February 19, 2003 By: /s/ Margaret E. Carriere
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Margaret E. Carriere
Vice President and Secretary