SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 14, 1994
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. 73-0271280
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 14, 1994, the registrant announced completion of
the sale of its geophysical business to Western Atlas
International, Inc. and an increase in its 1993 geophysical and
related pretax charge.
The foregoing summary is subject to the full text of the
press release with respect thereto, a copy of which is attached
hereto as Exhibit 20, which exhibit is incorporated herein by
reference.
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 14, 1994.
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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, 1994 By: (Robert M. Kennedy)
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Robert M. Kennedy
Vice President - Legal
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EXHIBIT INDEX
Exhibit Sequentially
Number Description Numbered Page
20 Press Release of
January 14, 1994 5-7 of 7
Incorporated by Reference
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FOR IMMEDIATE RELEASE Contact: Guy T. Marcus
January 14, 1994 Vice Pres.-Inv. Rel.
(214) 978-2691
HALLIBURTON SELLS GEOPHYSICAL BUSINESS
DALLAS, Texas -- Halliburton Company today announced
completion of the sale of its geophysical business to Western
Atlas International, Inc.
Halliburton received total consideration of $190 million in
exchange for substantially all of the assets of the business.
Consideration paid included $100 million cash and $90 million
5.65% senior notes of Western Atlas Inc., the parent of Western
Atlas International, Inc. One-half of the notes are due July 13,
1997 and the remainder January 13, 1998. The consideration is
subject to adjustment based upon final asset book values at
December 31, 1993.
The sale includes some international business locations, the
closings of which have been deferred pending certain approvals
and consents. The approvals and consents are expected to be
received within the next several months and such closings will
result in some additional consideration.
Halliburton retains ownership interest of certain assets and
liabilities of the geophysical business including some accounts
receivable, real estate properties, lease obligations, certain
employee obligations, and a majority interest in an international
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joint venture company. It is expected that these remaining
assets and liabilities will be sold or liquidated over the next
several months.
As a result of the sale Halliburton will increase its 1993
geophysical and related business pretax charge from the $234
million recognized during the third quarter to $296 million for
the full year. The increased charge principally relates to (1)
increased severance costs, (2) increased lease terminations, (3)
revaluation of certain remaining assets to expected market
values, (4) future costs and expenses to discontinue certain
related business operations and (5) expected losses on certain
existing contracts.
Western Atlas has agreed to assume certain obligations
relating to the discontinuance of certain portions of
Halliburton's geophysical business in exchange for payments of
$74 million to Western Atlas over the next two years. Provisions
for such payments are included in Halliburton's 1993 $296 million
pretax charge to earnings.
Thomas H. Cruikshank, chairman of the board and chief
executive officer of Halliburton Company, said, "The sale of the
geophysical business will enable Halliburton to better focus its
resources on core business activities that will provide enhanced
financial performance and shareholder value. The writedown we
have taken in 1993 should be sufficient to cover the sale and
liquidation of our geophysical business. Also, during 1993 we
have implemented major restructuring and cost reduction
initiatives within the entire Halliburton Energy Services
business segment and such actions are now beginning to result in
substantially improved financial performance, excluding special
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charges and losses relating to the geophysical business. With
those actions behind us in 1993, we should experience greatly
improved financial performance in 1994 if our markets stabilize."
Halliburton Company is one of the world's largest
diversified energy services, engineering, maintenance, and
construction companies. Founded in 1919, Halliburton provides a
broad range of energy services and products, industrial and
marine engineering and construction services, and property and
casualty insurance services.
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