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)
September 2, 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 9. Regulation FD Disclosure
On September 2, 2003 registrant issued a press release entitled
"Halliburton Updates Settlement Progress."
The text of the press release is as follows:
HALLIBURTON UPDATES SETTLEMENT PROGRESS
HOUSTON, Texas - Halliburton (NYSE:HAL) announced today that, it has encountered
some delays in connection with the planned asbestos and silica settlement, but
is nearing agreement on the trust distribution procedure, the plan of
reorganization and the disclosure statement incorporating and describing the
procedures and plan. Upon agreement, the disclosure statement will be printed
and mailed shortly thereafter.
Remaining conditions to a Chapter 11 filing include completion of definitive
financing arrangements, approval of the plan of reorganization by at least 75%
of known present asbestos claimants and Halliburton board approval. As
previously announced, as a result of an increase in the estimated number of
current asbestos claims, the cash required to fund the settlement may modestly
exceed $2.775 billion. If it does, the company would need to decide whether to
propose to adjust the settlement matrices to reduce the overall amounts, or
increase the amounts it would be willing to pay to resolve its asbestos and
silica liabilities.
If all remaining conditions are timely satisfied, the company anticipates being
in position to make the pre-packaged Chapter 11 filing of DII Industries and
Kellogg Brown & Root and some of their subsidiaries with United States
operations in October.
Halliburton has completed and signed commitment letters for financing facilities
relating to the proposed settlement and Chapter 11 filing. Halliburton launched
the syndication of the financing facilities in August, led by co-lead arrangers
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., and expects
definitive financing arrangements to be in place prior to any 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 and Engineering and Construction Groups. The company's World Wide Web
site can be accessed at www.halliburton.com.
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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, war 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 and Form 10-Q for the quarter ended June 30, 2003 for a more complete
discussion of such 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: September 2, 2003 By: /s/ Margaret E. Carriere
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Margaret E. Carriere
Vice President and Secretary