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)
DECEMBER 30, 1999
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
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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 December 30, 1999 registrant issued a press release entitled
"Halliburton Completes Sale of IDP Joint Venture Interest-Related Sale is
Pending" pertaining, among other things, to an announcement that registrant's
subsidiary, Dresser Industries, Inc., has completed the sale of its 49 percent
joint venture interest in Ingersoll Dresser Pump Company (IDP) to a subsidiary
of its joint venture partner, Ingersoll-Rand Company, for a sales price of $515
million. The proceeds, net of intercompany amounts payable by Dresser to IDP,
were received in the form of a $377 million promissory note due January 14, 2000
and unconditionally guaranteed by Ingersoll-Rand Company. The IDP sale results
in a 1999 fourth quarter after-tax extraordinary gain of approximately $165
million, or $.37 per diluted share for registrant. The previously announced sale
of Dresser's 51 percent joint venture interest in Dresser-Rand Company (D-R) to
Ingersoll-Rand is ready to close pending one remaining clearance from
competition regulatory authorities in Argentina. Final closing is expected to
occur in January 2000. Registrant anticipates the sale of the D-R interest will
result in an after-tax extraordinary gain of approximately $225 million, or $.51
per diluted share in the first quarter of 2000.
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 December 30, 1999.
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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 3, 2000 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
December 30, 1999
Incorporated by Reference
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FOR IMMEDIATE RELEASE Contact: Guy T. Marcus
Vice President-Investor Relations
214/978-2691
HALLIBURTON COMPLETES SALE OF IDP JOINT VENTURE INTEREST --
RELATED SALE IS PENDING
DALLAS, Texas -- Halliburton Company (NYSE:HAL) announced today that
its subsidiary, Dresser Industries, Inc. (Dresser), has completed the sale of
its 49 percent joint venture interest in Ingersoll Dresser Pump Company (IDP) to
a subsidiary of its joint venture partner, Ingersoll-Rand Company, for a sales
price of $515 million. The proceeds, net of intercompany amounts payable by
Dresser to IDP, were received in the form of a $377 million promissory note due
January 14, 2000 and unconditionally guaranteed by Ingersoll-Rand Company. The
IDP sale results in a Halliburton 1999 fourth quarter after-tax extraordinary
gain of approximately $165 million, or $ .37 per diluted share.
Halliburton also said that the previously announced sale of Dresser's
51 percent joint venture interest in Dresser-Rand Company (D-R) to
Ingersoll-Rand is ready to close pending one remaining clearance from
competition regulatory authorities in Argentina, where D-R exports products and
services. Similar approvals have already been received in the United States and
European Union. Since Ingersoll-Rand already owns 49 percent of D-R, Halliburton
believes Argentinean approval is only a legal formality and will be received
shortly. Final closing is expected to occur in January 2000. The pending closing
date will not affect the sales price of $579 million for the 51 percent interest
in D-R. Halliburton anticipates the sale of the D-R interest will result in an
after-tax extraordinary gain of approximately $225 million, or $ .51 per diluted
share, in the first quarter of 2000.
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Halliburton's anticipated combined gain of approximately $ .88 per
diluted share on the sale of both joint venture interests is $ .04 per share
higher than previously announced due to changes in certain terms, conditions,
and estimated costs related to the transaction.
Halliburton Company, founded in 1919, is the world's largest provider
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, Engineering and Construction Group and Dresser Equipment
Group business segments. The company's World Wide Web site can be accessed at
http://www.halliburton.com.
NOTE: In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, Halliburton Company cautions that
statements in this press release which are forward looking and which provide
other than historical information, involve risks and uncertainties that may
impact the company's actual results of operations. Please see Halliburton's Form
10-Q for the quarter ended September 30, 1999 for a more complete discussion of
such risk factors.
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