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)

                                  July 31, 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


                            1401 McKinney, Suite 2400
                              Houston, Texas 77010
                    (Address of principal executive offices)

                         Registrant's telephone number,
                       including area code - 713-759-2600



         INFORMATION TO BE INCLUDED IN REPORT

Item 12. Disclosure of Results of Operations and Financial Condition

         On  July  31,  2003   registrant   issued  a  press  release   entitled
"Halliburton Announces Second Quarter Results." Subsequent to the press release,
an  adjustment  was made to Footnote  Table 1 to reflect the first  quarter 2002
Patent  infringement  lawsuit  accrual as part of Landmark and Other ESG segment
operating  income rather than as part of the  Production  Optimization  segment.
This  change did not impact the  consolidated  financial  statements  or segment
results of Halliburton Company.

         The text of the amended press release is as follows:

                  HALLIBURTON ANNOUNCES SECOND QUARTER RESULTS
           $0.09 per diluted share income from continuing operations,
including $0.24 charge on Barracuda-Caratinga Project and $0.03 gain on sale of
                        Halliburton Measurement Systems

HOUSTON - Halliburton (NYSE:HAL) announced today that second quarter 2003 income
from continuing operations was $42 million or $0.09 per diluted share. Two items
impacting  continuing  operations for the quarter on an after-tax  basis were: a
previously  announced $104 million  charge,  or $0.24 per diluted share,  on the
Barracuda-Caratinga  project and a $14 million gain, or $0.03 per diluted share,
on the sale of Halliburton Measurement Systems ("HMS").

Net income  for the second  quarter  2003 was $26  million or $0.06 per  diluted
share,  which  includes  a net loss from  discontinued  operations  of $0.03 per
diluted share.

Revenues  were $3.6 billion in the second  quarter  2003, up 11 percent from the
second quarter 2002. This increase is largely attributable to increased activity
in certain  Engineering  and  Construction  Group  ("ECG")  projects,  including
government services work in the Middle East.

Operating  income was $71 million,  including the $24 million pretax gain on the
sale of HMS and the $173 million pretax loss on the Barracuda-Caratinga project,
compared  to a $405  million  loss in the  second  quarter  of 2002.  The second
quarter of 2002 included a $330 million  asbestos charge, a $119 million loss on
the  Barracuda-Caratinga  project,  a $61 million  charge related to the sale of
Bredero-Shaw,  a $56 million  restructuring  charge and a loss of $32 million on
integrated solutions projects.

Results for the second  quarter  2003  included a foreign  exchange  gain of $19
million ($11 million  after-tax or $0.03 per diluted share) due to a significant
strengthening of the British pound to the US dollar during the period.



"I am pleased  the Energy  Services  Group's  2003  second  quarter  revenue and
operating  income  compared  favorably to the prior year quarter as well as this
year's first quarter. However, company performance was adversely impacted by the
charge  on  the  Barracuda-Caratinga   project,"  said  David  Lesar,  chairman,
president and chief executive  officer of Halliburton.  "Looking ahead, I expect
improved  activity levels to provide revenue and earnings growth for the balance
of the year in all  segments.  Accordingly,  we expect  earnings  per share from
continuing  operations  for the third  quarter  to be at least  $0.32 per share,
excluding any impact of the proposed asbestos settlement."

Halliburton's  objective is to provide transparency in its financial disclosures
and  therefore  Halliburton  is expanding its  financial  information  into five
segments and expanding  geographic market disclosures.  The tables at the end of
this press release include:

    -  Quarterly  and year to  date revenues  and operating  income by operating
       segment for 2001, 2002 and 2003;
    -  Quarterly  and year  to  date  revenues and  operating  income  by Energy
       Services Group ("ESG") geographic  regions (North America, Latin America,
       Europe/Africa and Middle East/Asia) for 2001, 2002 and 2003;
    -  Quarterly and year to date list of significant transactions  by operating
       segment included in operating income for 2001, 2002 and 2003; and
    -  Quarterly  and  year to date  list of  significant  transactions  by  ESG
       geographic  regions  included  in  operating income  for 2001,  2002  and
       2003.

In addition,  for the first time,  condensed  consolidated  balance sheets as of
June 30, 2003 and December 31, 2002 are included in the press release.

2003 Second Quarter Segment Results

Energy Services Group

During the second quarter 2003,  Halliburton  changed the way the ESG is managed
by establishing four operating segments as follows:

    -  Drilling  and  Formation  Evaluation - consisting  of  drilling  services
       (includes  directional drilling and MWD/LWD), logging  services and drill
       bits;

    -  Fluids - consisting  of cementing, drilling  fluids and  solid expandable
       tubulars;

    -  Production  Optimization - consisting of  production enhancement services
       (includes  fracturing,  acidizing,  coiled  tubing,  hydraulic  workover,
       sand control,  and pipeline  and process  services),  completion products
       and  services (includes well completion equipment,  slickline  and safety
       systems),   tools   and   testing    services   (includes   underbalanced
       applications,  tubular  conveyed perforating  and testing services),  and
       Subsea 7; and



    -  Landmark and Other ESG - consisting of software and consulting  services,
       integrated  solutions  projects,  real-time  operations,  smart wells and
       non-core  businesses  (includes  subsea  operations  not  contributed  to
       Subsea 7).

The following provides an analysis of material changes in revenues and operating
income of the four ESG  operating  segments,  ECG and  Corporate  for the second
quarter 2003 compared to the second quarter 2002.

Combined  ESG posted  second  quarter  revenues of $1.8  billion,  a $24 million
increase, and operating income of $235 million, up $165 million.

Drilling  and  Formation   Evaluation   revenues  were  flat  due  to  increased
directional  drilling services and drill bit sales being offset by the impact of
the sale of Mono Pumps and lower Gulf of Mexico and Canadian drilling  activity.
Operating income,  led by logging  services,  increased $7 million due to higher
activity  and  margins  internationally  in  Mexico,   Venezuela,   Nigeria  and
Indonesia.

Fluids  revenue  increased  15 percent due to increases  in both  cementing  and
drilling  fluids  reflecting  higher  land rig counts in the  United  States and
improved  results  internationally.  Operating  income  was  up 39  percent  and
reflects  increases  in cementing  primarily in Norway and Mexico,  and drilling
fluids primarily in Mexico, Algeria and Angola.

Production   Optimization   posted  a  $59  million  increase  in  revenue  with
approximately two-thirds of the increase in production enhancement, where United
States revenue was up as a result of higher land rig counts. Subsea 7, primarily
in the North Sea,  contributed most of the remaining increase.  Operating income
was up seven  percent due to the $24 million gain on the sale of HMS.  This gain
was partially offset by pricing pressure in North America coupled with inventory
adjustments and higher mobilization costs.

Landmark and Other ESG revenues  decreased $104 million due to the  contribution
of subsea  assets to Subsea 7 in May 2002.  Operating  income was up from a $127
million  loss,  reflecting  last year's  impairment of  Bredero-Shaw,  losses on
integrated solutions projects and restructuring  charges.  Landmark revenues and
operating income remained flat.

Engineering and Construction Group

ECG's second quarter  revenues  increased 23 percent.  Government  services more
than doubled, and onshore operations  increased 21 percent,  partially offset by
decreases  in  both  operations  and  maintenance  of 12  percent  and  offshore
operations  of 22 percent.  The  increase in  government  services  revenues was
mainly  attributable  to  activity  in  Iraq.  Onshore  revenues  were up due to
increased  activity on several  large  projects,  including the In Amenas and In
Salah projects in Algeria and LNG projects in Nigeria and Egypt. The decrease in
offshore  operations  was related to lower  activity  due to the  decision to no
longer pursue fixed price offshore EPIC contracts.



The operating loss for ECG was $148 million,  as compared to a $450 million loss
in the second quarter of 2002. The change was  attributable  to the $330 million
asbestos  charge in the prior year as well as  improved  results  in  government
services due primarily to activity in Iraq during the current quarter.  This was
partially  offset  by  higher  losses on the  Barracuda-Caratinga  project.  The
Barracuda-Caratinga  project charge was due to higher cost  estimates,  schedule
extensions,  increased project contingencies and other factors identified during
the quarterly project review.

General  corporate costs  decreased $9 million due to a restructuring  charge in
the second quarter of 2002.

Backlog

ECG backlog as of June 30, 2003 was $9.9 billion, up $400 million from March 31,
2003.  The  increase  was  primarily  due to new  work in  government  services.
Approximately 37 percent of the backlog is for fixed fee contracts,  compared to
41 percent at March 31, 2003. Of the fixed fee contract  backlog,  38 percent of
the total  relates  to onshore  contracts,  25  percent  relates  to  government
services and 24 percent relates to offshore.

Firm orders were $8.2  billion at the end of the quarter.  The  remainder of the
backlog primarily relates to government awards not yet funded,  with the Balkans
support contract representing the majority of the balance.

Discontinued Operations

The second quarter net loss from  discontinued  operations was $16 million after
tax, or $0.03 per diluted  share.  This loss  reflects a $30 million  charge for
debtor-in-possession  financing  to  Harbison-Walker  in  connection  with their
Chapter 11 bankruptcy  proceeding that is expected to be forgiven by the Company
as part of the asbestos settlement process and resolution of the Harbison-Walker
bankruptcy.  In addition,  discontinued  operations  included  professional fees
associated  with due diligence and other aspects of the proposed  settlement for
asbestos  liabilities  offset by a release of  environmental  and legal accruals
related to indemnities associated with our 2001 disposition of Dresser Equipment
Group which are no longer required.  In the second quarter of 2002, the net loss
from  discontinued  operations  was  $140  million  after  tax,  which  reflects
asbestos-related expenses of previously disposed businesses.

Liquidity and Capital Resources


Halliburton  ended the second quarter with cash and equivalents of $1.9 billion,
an increase  from $1.1 billion at the end of 2002.  The cash  increase is due to
$1.2 billion in proceeds from  convertible  senior notes that were issued during
the quarter. The notes bear interest at 3.125 percent and are due July 15, 2023.
A significant use of cash was the  scheduled repayment of $139 million in senior



notes. Although the Company had large increases in revenue during the first half
of the year related to activity in Iraq, a  significant  portion of that revenue
is  currently  invested  in working  capital,  mainly  accounts  receivable  and
unbilled  work.  During  the first six  months  of 2003,  Halliburton's  capital
expenditures were $229 million, primarily in ESG.

Technology and Significant Achievements


Halliburton  had a number of  advances in  technology  and new  contract  awards
including:

    -  The KBR and  Mowlem PLC joint venture, Aspire  Defense, has been named by
       the UK Ministry  of Defense as the preferred  bidder for the $6.7 billion
       PFI  contract to upgrade and  provide a range of services  to the British
       Army's  garrisons around Salisbury Plain and at  Aldershot.  The contract
       includes   a  $1.7  billion  construction  program   which  will  improve
       soldiers'  single   living   accommodation,   leisure   and  recreational
       facilities,  technical and  administrative accommodation, in  addition to
       servicing and maintaining the facilities for a 30-year period.

    -  Halliburton  provided   the  technology  for  the  first  known  monobore
       completion  in  the Gulf  of  Mexico  when  several  Halliburton  product
       service  lines were  integrated to develop  a well system that  minimizes
       the client's  initial capital investment  and allows stacked pay zones to
       be accessed without the use of a rig;


    -  Halliburton   and  Statoil   completed   a  successful  test  of   a  new
       game-changing  formation evaluation technology. An LWD  formation tester,
       the  GeoTap(TM)  sensor,  was  used to quantify formation pressure during
       drilling   operations.   The   GeoTap(TM)  tool,  part  of   Sperry-Sun's
       Stellar(TM)  MWD/LWD  suite,  was  run  in  combination  with a  complete
       logging-while-drilling   sensor   package   and  the   Geo-Pilot   rotary
       steerable  drilling  system.  This  is  the first  time that this type of
       technology has been successfully applied in the Norwegian shelf;

    -  Halliburton  deployed the largest-ever  coiled tubing intervention system
       for deepwater  Gulf of Mexico  operations. The system, which includes the
       largest,  most   powerful,   and  strongest  components   ever  deployed,
       consists  of Halliburton's V135HP coiled  tubing injector, a reel capable
       of handling  36,000 feet  of  2-3/8-inch  coiled  tubing,  and  a 750-ton
       capacity tension lift frame;

    -  Halliburton   expanded  its   relationship   with   Shell  Exploration  &
       Production  Company  for   deepwater  operations  in  the Gulf of Mexico.
       Halliburton   was   awarded  a  contract   for   the   construction   and
       implementation  of  a  real-time  operations  center  to help  manage and
       optimize  all  Shell's  well  construction  activities  in  the  Gulf  of
       Mexico; and



    -  Landmark released  the  Drill-to-the-Earth  Model(TM)  system. The system
       combines a  broad range of  applications  to enable asset team members to
       rapidly design  wells and visualize  real-time  earth models and wellbore
       updates from drilling operations in a 3-D environment.

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. The Company's World Wide
Web site can be accessed at www.halliburton.com.


NOTE: The  statements in this press release that are not historical  statements,
including statements regarding future financial performance, are forward-looking
statements  within the meaning of the federal  securities laws. These statements
are subject to numerous  risks and  uncertainties,  many of which are beyond the
Company's  control,  which could cause actual  results of  operations  to differ
materially from the results expressed or implied by the statements.  These risks
and uncertainties  include,  but are not limited to: legal risks,  including the
risks of  judgments  against the  Company's  subsidiaries  and  predecessors  in
asbestos  litigation  pending and currently on appeal, the inability of insurers
for  asbestos  exposures  to pay claims;  future  asbestos  claims,  defense and
settlement  costs,  other  litigation  and  proceedings,  including  shareholder
lawsuits, securities laws inquiries, contract disputes, patent infringements and
environmental matters, changes in government regulations and adverse reaction to
scrutiny  involving  the  Company;  political  risks,  including  the  risks  of
unsettled  political  conditions,  ongoing  conflicts in the Middle East and the
effects  of  terrorism,  foreign  operations  and  foreign  exchange  rates  and
controls;  liquidity risks,  including the risks of potential reductions in debt
ratings,  access to credit,  availability  and costs of financing and ability to
raise capital;  weather-related  risks;  customer risks,  including the risks of
changes in capital spending and claims negotiations;  industry risks,  including
the risks of changes  that  affect  the  demand for or price of oil and/or  gas,
structural  changes in the  industries in which the Company  operates,  risks of
fixed-fee  projects and risks of complex business  arrangements;  systems risks,
including  the risks of successful  development  and  installation  of financial
systems; and personnel and  merger/reorganization/disposition  risks,  including
the risks of increased  competition  for  employees,  successful  integration of
acquired businesses,  effective  restructuring efforts and successful completion
of planned  dispositions.  Please see Halliburton's Form 10-K for the year ended
December 31, 2002.




HALLIBURTON COMPANY Consolidated Statements of Operations (Millions of dollars and shares except per share data) (Unaudited) Three Months Three Months Ended Ended June 30 March 31 ------------------------------------------------------------- 2003 2002 2003 - ------------------------------------------------------------------------------------------------------------------- Revenues Energy Services Group $ 1,780 $ 1,756 $ 1,611 Engineering and Construction Group 1,819 1,479 1,449 - ------------------------------------------------------------------------------------------------------------------- Total revenues $ 3,599 $ 3,235 $ 3,060 - ------------------------------------------------------------------------------------------------------------------- Operating income (loss) Energy Services Group $ 235 $ 70 $ 180 Engineering and Construction Group (148) (450) (19) General corporate (16) (25) (19) - ------------------------------------------------------------------------------------------------------------------- Total operating income (loss) 71 (405) 142 - ------------------------------------------------------------------------------------------------------------------- Interest expense (25) (30) (27) Interest income 7 12 8 Foreign currency, net 19 (5) (6) Other nonoperating, net 2 (2) - - ------------------------------------------------------------------------------------------------------------------- Income (loss) from continuing operations before income taxes, minority interest, and change in accounting principle 74 (430) 117 Benefit (provision) for income taxes (29) 77 (50) Minority interest in net income of subsidiaries (3) (5) (8) - ------------------------------------------------------------------------------------------------------------------- Income (loss) from continuing operations before change in accounting principle 42 (358) 59 Loss from discontinued operations, net (16) (140) (8) Cumulative effect of change in accounting principle, net - - (8) - ------------------------------------------------------------------------------------------------------------------- Net income (loss) $ 26 $ (498) $ 43 =================================================================================================================== Basic income (loss) per share: Continuing operations before change in accounting principle $ 0.09 $ (0.83) $ 0.14 Loss from discontinued operations (0.03) (0.32) (0.02) - ------------------------------------------------------------------------------------------------------------------- 0.06 (1.15) 0.12 Change in accounting principle - - (0.02) - ------------------------------------------------------------------------------------------------------------------- Net income (loss) $ 0.06 $ (1.15) $ 0.10 =================================================================================================================== Diluted income (loss) per share: Continuing operations before change in accounting principle $ 0.09 $ (0.83) $ 0.14 Loss from discontinued operations (0.03) (0.32) (0.02) - ------------------------------------------------------------------------------------------------------------------- 0.06 (1.15) 0.12 Change in accounting principle - - (0.02) - ------------------------------------------------------------------------------------------------------------------- Net income (loss) $ 0.06 $ (1.15) $ 0.10 =================================================================================================================== Basic weighted average common shares outstanding 434 432 434 Diluted weighted average common shares outstanding 436 432 436 See Footnote Table 1 for a list of significant items included in operating income.
HALLIBURTON COMPANY Consolidated Statements of Operations (Millions of dollars and shares except per share data) (Unaudited) Six Months Ended June 30 -------------------------------------------- 2003 2002 - ------------------------------------------------------------------------------------------------- Revenues Energy Services Group $ 3,391 $ 3,445 Engineering and Construction Group 3,268 2,797 - ------------------------------------------------------------------------------------------------- Total revenues $ 6,659 $ 6,242 - ------------------------------------------------------------------------------------------------- Operating income (loss) Energy Services Group $ 415 $ 239 Engineering and Construction Group (167) (508) General corporate (35) (13) - ------------------------------------------------------------------------------------------------- Total operating income (loss) $ 213 $ (282) - ------------------------------------------------------------------------------------------------- Interest expense (52) (62) Interest income 15 16 Foreign currency, net 13 (13) Other nonoperating, net 2 2 - ------------------------------------------------------------------------------------------------- Income (loss) from continuing operations before income taxes, minority interest, and change in accounting principle 191 (339) Benefit (provision) for income taxes (79) 41 Minority interest in net income of subsidiaries (11) (10) - ------------------------------------------------------------------------------------------------- Income (loss) from continuing operations before change in accounting principle 101 (308) Loss from discontinued operations, net (24) (168) Cumulative effect of change in accounting principle, net (8) - - ------------------------------------------------------------------------------------------------- Net income (loss) $ 69 $ (476) - ------------------------------------------------------------------------------------------------- Basic income (loss) per share: Continuing operations before change in accounting principle $ 0.23 $ (0.71) Loss from discontinued operations (0.05) (0.39) - ------------------------------------------------------------------------------------------------- 0.18 (1.10) Change in accounting principle (0.02) - - ------------------------------------------------------------------------------------------------- Net income (loss) $ 0.16 $ (1.10) - ------------------------------------------------------------------------------------------------- Diluted income (loss) per share: Continuing operations before change in accounting principle $ 0.23 $ (0.71) Loss from discontinued operations (0.05) (0.39) - ------------------------------------------------------------------------------------------------- 0.18 (1.10) Change in accounting principle (0.02) - - ------------------------------------------------------------------------------------------------- Net income (loss) $ 0.16 $ (1.10) - ------------------------------------------------------------------------------------------------- Basic weighted average common shares outstanding 434 432 Diluted weighted average common shares outstanding 436 432 See Footnote Table 1 for a list of significant items included in operating income.
HALLIBURTON COMPANY Condensed Consolidated Balance Sheets (Millions of dollars) (Unaudited) June 30 December 31 ---------------------------------------- 2003 2002 - ---------------------------------------------------------------------------------------------- Assets Current assets: Cash and equivalents $ 1,859 $ 1,107 Total receivables, net 3,666 3,257 Inventories 747 734 Other current assets 503 462 - ---------------------------------------------------------------------------------------------- Total current assets 6,775 5,560 Property, plant and equipment, net 2,498 2,629 Insurance for asbestos and silica related liabilities 2,059 2,059 Other assets 2,690 2,596 - ---------------------------------------------------------------------------------------------- Total assets $ 14,022 $ 12,844 ============================================================================================== Liabilities and Shareholders' Equity Current liabilities: Short-term notes payable $ 16 $ 49 Current maturities of long-term debt 166 295 Accounts payable 1,056 1,077 Other current liabilities 2,079 1,851 - ---------------------------------------------------------------------------------------------- Total current liabilities 3,317 3,272 Long-term debt 2,374 1,181 Asbestos and silica related liabilities 3,396 3,425 Other liabilities 1,293 1,337 Minority interest in consolidated subsidiaries 83 71 - ---------------------------------------------------------------------------------------------- Total liabilities 10,463 9,286 ============================================================================================== Total shareholders' equity 3,559 3,558 - ---------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $ 14,022 $ 12,844 - ----------------------------------------------------------------------------------------------
TABLE 1 HALLIBURTON COMPANY Revenue and Operating Income Comparison By Operating Segments (Millions of dollars) (Unaudited) Six Months Quarter Ended Ended ----------------------------------------------------- 2003 March 31 June 30 June 30 - ----------------------------------------------------------------------------------------------- Revenues Drilling and Formation Evaluation $ 379 $ 414 $ 793 Fluids 480 518 998 Production Optimization 629 693 1,322 Landmark and Other ESG 123 155 278 - ----------------------------------------------------------------------------------------------- Total Energy Services Group 1,611 1,780 3,391 Engineering and Construction Group 1,449 1,819 3,268 - ----------------------------------------------------------------------------------------------- Total revenues $ 3,060 $ 3,599 $ 6,659 =============================================================================================== Operating Income Drilling and Formation Evaluation $ 66 $ 49 $ 115 Fluids 55 68 123 Production Optimization 70 113 183 Landmark and Other ESG (11) 5 (6) - ----------------------------------------------------------------------------------------------- Total Energy Services Group 180 235 415 Engineering and Construction Group (19) (148) (167) General Corporate (19) (16) (35) - ----------------------------------------------------------------------------------------------- Total operating income $ 142 $ 71 $ 213 ===============================================================================================
Twelve Months Quarter Ended Ended ------------------------------------------------------------------------------- 2002 March 31 June 30 September 30 December 31 December 31 - -------------------------------------------------------------------------------------------------------------------------- Revenues Drilling and Formation Evaluation $ 399 $ 413 $ 408 $ 413 $ 1,633 Fluids 453 450 449 463 1,815 Production Optimization 612 634 655 653 2,554 Landmark and Other ESG 225 259 165 185 834 - -------------------------------------------------------------------------------------------------------------------------- Total Energy Services Group 1,689 1,756 1,677 1,714 6,836 Engineering and Construction Group 1,318 1,479 1,305 1,634 5,736 - -------------------------------------------------------------------------------------------------------------------------- Total revenues $ 3,007 $ 3,235 $ 2,982 $ 3,348 $ 12,572 ========================================================================================================================== Operating Income Drilling and Formation Evaluation $ 38 $ 42 $ 35 $ 45 $ 160 Fluids 51 49 54 48 202 Production Optimization 83 106 103 92 384 Landmark and Other ESG (3) (127) 8 14 (108) - -------------------------------------------------------------------------------------------------------------------------- Total Energy Services Group 169 70 200 199 638 Engineering and Construction Group (58) (450) 12 (189) (685) General Corporate 12 (25) (21) (31) (65) - -------------------------------------------------------------------------------------------------------------------------- Total operating income (loss) $ 123 $ (405) $ 191 $ (21) $ (112) ========================================================================================================================== See Footnote Table 1 for a list of significant items included in operating income.
TABLE 1 HALLIBURTON COMPANY Revenue and Operating Income Comparison By Operating Segments (Millions of dollars) (Unaudited) (continued) Twelve Months Quarter Ended Ended ------------------------------------------------------------------------------- 2001 March 31 June 30 September 30 December 31 December 31 - ------------------------------------------------------------------------------------------------------------------------ Revenues Drilling and Formation Evaluation $ 383 $ 425 $ 425 $ 410 $ 1,643 Fluids 487 520 556 502 2,065 Production Optimization 634 741 759 669 2,803 Landmark and Other ESG 288 322 358 332 1,300 - ------------------------------------------------------------------------------------------------------------------------ Total Energy Services Group 1,792 2,008 2,098 1,913 7,811 Engineering and Construction Group 1,352 1,331 1,293 1,259 5,235 - ------------------------------------------------------------------------------------------------------------------------ Total revenues $ 3,144 $ 3,339 $ 3,391 $ 3,172 $ 13,046 ======================================================================================================================== Operating Income Drilling and Formation Evaluation $ 25 $ 42 $ 48 $ 56 $ 171 Fluids 63 74 94 77 308 Production Optimization 97 153 161 117 528 Landmark and Other ESG 4 (1) 18 8 29 - ------------------------------------------------------------------------------------------------------------------------ Total Energy Services Group 189 268 321 258 1,036 Engineering and Construction Group 27 21 36 27 111 General Corporate (18) (17) (15) (13) (63) - ------------------------------------------------------------------------------------------------------------------------ Total operating income $ 198 $ 272 $ 342 $ 272 $ 1,084 ======================================================================================================================== See Footnote Table 1 for a list of significant items included in operating income.
TABLE 2 HALLIBURTON COMPANY Revenue and Operating Income Comparison By Geographic Region - Energy Services Group (Millions of dollars) (Unaudited) Six Months Quarter Ended Ended ---------------------------------------------------- 2003 March 31 June 30 June 30 ------------------------------------------------------------------------------------- Revenues North America $ 745 $ 762 $ 1,507 Latin America 182 226 408 Europe / Africa 342 394 736 Middle East / Asia 342 398 740 ------------------------------------------------------------------------------------- Total revenues $ 1,611 $ 1,780 $ 3,391 ===================================================================================== Operating Income North America $ 84 $ 91 $ 175 Latin America 23 43 66 Europe / Africa 32 51 83 Middle East / Asia 41 50 91 ------------------------------------------------------------------------------------- Total operating income $ 180 $ 235 $ 415 =====================================================================================
Twelve Months Quarter Ended Ended ---------------------------------------------------------------------------------- 2002 March 31 June 30 September 30 December 31 December 31 --------------------------------- -------------- ---------------- ---------------- --------------- ----------------- Revenues North America $ 764 $ 764 $ 771 $ 732 $ 3,031 Latin America 197 222 209 218 846 Europe / Africa 424 423 350 381 1,578 Middle East / Asia 304 347 347 383 1,381 -------------------------------------------------------------------------------------------------- ----------------- Total revenues $ 1,689 $ 1,756 $ 1,677 $ 1,714 $ 6,836 ==================================================================================================================== Operating Income North America $ (18) $ 9 $ 133 $ 75 $ 199 Latin America 18 38 28 24 108 Europe / Africa 133 (3) 9 39 178 Middle East / Asia 36 26 30 61 153 -------------------------------------------------------------------------------------------------------------------- Total operating income $ 169 $ 70 $ 200 $ 199 $ 638 ====================================================================================================================
TABLE 2 HALLIBURTON COMPANY Revenue and Operating Income Comparison By Geographic Region - Energy Services Group (Millions of dollars) (Unaudited) (continued) Twelve Months Quarter Ended Ended --------------------------------------------------------------------------------- 2001 March 31 June 30 September 30 December 31 December 31 - ------------------------------------------------------------------------------------------------------------------------- Revenues North America $ 953 $ 1,063 $ 1,085 $ 891 $ 3,992 Latin America 204 221 248 245 918 Europe / Africa 374 421 457 466 1,718 Middle East / Asia 261 303 308 311 1,183 - ------------------------------------------------------------------------------------------------------------------------ Total revenues $ 1,792 $ 2,008 $ 2,098 $ 1,913 $ 7,811 ========================================================================================================================= Operating Income North America $ 168 $ 213 $ 239 $ 170 $ 790 Latin America 33 38 42 40 153 Europe / Africa (22) 1 (5) 7 (19) Middle East / Asia 10 16 45 41 112 - ------------------------------------------------------------------------------------------------------------------------- Total operating income $ 189 $ 268 $ 321 $ 258 $ 1,036 ========================================================================================================================= See Footnote Table 2 for a list of significant items included in operating income.
Footnote Table 1 Items Included in Operating Income by Segment (Millions of dollars) (Unaudited) Twelve Months Quarter Ended Ended - -------------------------------------------------------------------------------------------------------------------------------- 2003 March 31 June 30 September 30 December 31 December 31 - -------------------------------------------------------------------------------------------------------------------------------- Drilling Formation and Evaluation: Mono Pumps gain on sale $ 36 $ - $ - $ - $ 36 Production Optimization: HMS gain on sale - 24 - - 24 Landmark and Other ESG: Wellstream loss on sale (15) - - - (15) Engineering & Construction: Asbestos and silica liability (2) - - - (2) Barracuda-Caratinga project loss (55) (173) - - (228) - -------------------------------------------------------------------------------------------------------------------------------- Total $ (36) $ (149) $ - $ - $ (185) ================================================================================================================================ 2002 Landmark and Other ESG: EMC gain on sale $ 108 $ - $ - $ - $ 108 Patent infringement lawsuit accrual (98) - - - (98) Restructuring charge (5) (37) (5) (17) (64) Bredero impairment - (61) - - (61) Bredero loss on sale - - (18) - (18) Engineering & Construction: Highlands receivable write-off (80) - - - (80) Restructuring charge (4) (10) (2) (2) (18) Barracuda-Caratinga project loss - (119) - 2 (117) Asbestos and silica liability - (330) - (234) (564) Corporate: Insurance company demutualization 28 - - 1 29 Restructuring charge (2) (9) (4) (10) (25) - -------------------------------------------------------------------------------------------------------------------------------- Total $ (53) $ (566) $ (29) $ (260) $ (908) ================================================================================================================================ 2001 Engineering & Construction: Asbestos and silica liability $ (5) $ - $ (3) $ (3) $ (11) - -------------------------------------------------------------------------------------------------------------------------------- Total $ (5) $ - $ (3) $ (3) $ (11) ================================================================================================================================
Footnote Table 2 Items Included in Operating Income by Geographic Region - ESG Only (Millions of dollars) (Unaudited) Twelve Months Quarter Ended Ended - -------------------------------------------------------------------------------------------------------------------------------- March 31 June 30 September 30 December 31 December 31 - -------------------------------------------------------------------------------------------------------------------------------- 2003 North America: Mono Pumps gain on sale $ 24 $ - $ - $ - $ 24 Wellstream loss on sale (11) - - - (11) HMS gain on sale - 24 - - 24 Europe / Africa: Mono Pumps gain on sale 12 - - - 12 Wellstream loss on sale (4) - - - (4) - -------------------------------------------------------------------------------------------------------------------------------- Total $ 21 $ 24 $ - $ - $ 45 ================================================================================================================================ 2002 North America: Patent infringement lawsuit accrual $ (98) $ - $ - $ - $ (98) Restructuring charge (5) (29) (4) (13) (51) Bredero-Shaw impairment - (61) - - (61) Bredero-Shaw loss on sale - - (18) - (18) Latin America: Restructuring charge - (3) - - (3) Europe / Africa: EMC gain on sale 108 - - - 108 Restructuring charge - (2) (1) (4) (7) Middle East / Asia: Restructuring charge - (3) - - (3) - -------------------------------------------------------------------------------------------------------------------------------- Total $ 5 $ (98) $ (23) $ (17) $ (133) ================================================================================================================================
### 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: July 31, 2003 By: /s/ Margaret E. Carriere ------------------------------------- Margaret E. Carriere Vice President and Secretary