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HALLIBURTON COMPANY REORGANIZATION
Dallas, Texas - Halliburton Company (NYSE-HAL) announced today that,
prior to 1996 year end, it intends to complete a reorganization of its legal
structure under amended Delaware law.
A new parent holding company will be created which will own the existing
publicly held company. The name of the new parent company will be
Halliburton Company. The name of the former public company will be changed
to Halliburton Energy Services, Inc.
The purpose of this reorganization is to improve internal operating
flexibility and reduce the overall impact of certain state taxes. The
company's domestic energy services business units will operate through
subsidiary corporations rather than as divisions of the parent company.
Otherwise, the business operations of the company will not change as a
result of implementing the new legal structure.
The reorganization will be structured in a manner that will not require
action by Halliburton's shareholders, whose rights, privileges and interests
will remain the same with respect to the new parent corporation. Existing
Halliburton Company common stock certificates will remain in force and
effect; no exchange of certificates will take place. Halliburton Company
has received an opinion of counsel that the reorganization will be tax free
to its shareholders. The company's name, charter, by- laws and board of
directors will not change as a result of the reorganization. The new parent
company will continue to be traded with the ticker symbol "HAL" on the New
York Stock Exchange and its CUSIP number will not change.
Halliburton Company is one of the world's largest
diversified energy services, engineering, maintenance, and
construction companies. Halliburton provides a broad range of energy
services and products, industrial and marine engineering and construction
services.
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