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)
JUNE 6, 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 June 6, 2003, registrant issued a press release entitled
"Halliburton Updates Status of Proposed Global Settlement."
The text of the press release is as follows:
HALLIBURTON UPDATES STATUS OF PROPOSED GLOBAL SETTLEMENT
HOUSTON, Texas - Halliburton (NYSE: HAL) today updated the status of its
proposed global settlement and expected timing of the related chapter 11 filing
by certain of its subsidiaries. Halliburton said that it is continuing its due
diligence review of current asbestos claims to be included in its proposed
global settlement. Halliburton believes it has now received supporting
information for more than half of the currently outstanding claims, and it has
reviewed substantially all the information provided to date with respect to the
current claims.
Halliburton said that documentation providing evidence of medical injury on
claims reviewed to date should provide an acceptable basis on which to proceed
with the global settlement. The quantity and quality of documentation providing
evidence of product identification, while not as complete or comprehensive, has
improved. If the claimants' attorneys continue to provide documentation on a
timely basis, Halliburton anticipates that the due diligence review will be
completed in July. While no assurance can be given, if the current trends
continue, and if the new data are consistent with the recent quantity and
quality of data, Halliburton expects that the documentation will provide an
acceptable basis to proceed with the global settlement.
Included in the next steps to complete the global settlement are agreement on
the procedures for distribution of settlement funds to individuals claiming
personal injury and agreement on a plan of reorganization for KBR and DII
Industries and the related disclosure statement. The completion of the trust
distribution procedures and the plan of reorganization and disclosure statement
incorporating and describing the plan and procedures is taking more time than
originally anticipated. The company cannot predict the exact timing of the
completion of these steps, but Halliburton expects that these prerequisites to
making the chapter 11 filing will be completed on a timeline that would allow
the chapter 11 filing to be made during the third quarter of 2003.
The Bankruptcy Court in the Harbison-Walker bankruptcy proceeding will conduct a
hearing on July 21, 2003 on whether to extend the stay originally entered on
February 14, 2002 that stays more than 200,000 pending asbestos cases against
DII Industries. Halliburton will ask that the stay be extended to allow time to
complete the plan of reorganization and related documents, to solicit
acceptances to the plan of reorganization and to make the chapter 11 filing.
While Halliburton believes that the stay will be extended beyond the date of the
hearing, no assurance can be given that the Asbestos Creditors Committee in the
Harbison-Walker proceeding will support the company's request for an extension
of the stay.
Halliburton further indicated that a number of other items are conditions to the
completion of the global settlement, and that there can be no assurance that
these conditions will be satisfied. These include finalizing the terms of the
notes to be contributed to the trust to be established for the benefit of
asbestos and silica personal injury claimants, arrangements of financing for the
global settlement, Halliburton board approval, obtaining affirmative votes to
the plan of reorganization from at least 75 percent of known present asbestos
claimants and from the requisite number of silica claimants needed to complete
the plan of reorganization, and obtaining final and non-appealable bankruptcy
court approval and federal district court confirmation of the plan of
reorganization.
In addition, Halliburton continues to track legislative proposals for asbestos
reform pending in Congress. In determining whether to proceed with the global
settlement, Halliburton's board of directors will take into account the current
status of these legislative initiatives.
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 business segments. The
company's World Wide Web site can be accessed at www.halliburton.com.
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The statements in this press release that are not historical statements are
forward-looking statements within the meaning of the federal securities laws.
These statements are subject to numerous risks and uncertainties beyond the
company's control, which could cause actual events to differ materially from
those expressed or implied by the statements. These risks and uncertainties
include, but are not limited to: legal risks, including the possibility of
adverse rulings by courts of law or the institution of litigation or other legal
proceedings challenging the company's actions or proposed actions; changes in
laws or government regulations affecting the company's actions or proposed
actions; adverse political or public reaction as a result of scrutiny involving
the company; and liquidity risks, including the company's ability to access
credit and raise capital and the availability and costs of financing to the
company. Please see Halliburton's Form 10-K for the year ended December 31, 2002
and Form 10-Q for the quarter ended March 31, 2003 for a more complete
discussion of 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: June 6, 2003 By: /s/ Margaret E. Carriere
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Margaret E. Carriere
Vice President and Secretary