HOUSTON (June 23, 2008) - Halliburton (NYSE: HAL) confirmed today that it has settled all ongoing patent disputes involving each other's products with ReedHycalog UK, Ltd., Grant Prideco, Inc., ReedHycalog, L.P., and National OilWell Varco.  The settlement agreement includes a $30 million payment to ReedHycalog as well as ongoing royalties and a cross-licensing agreement that allows the parties to continue using the products involved in the dispute.

Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry.  With more than 50,000 employees in approximately 70 countries, the company serves the upstream oil and gas industry throughout the life cycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.  Visit the company’s Web site at www.halliburton.com.