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HALLIBURTON REPORTS SECOND QUARTER EARNINGS

 HALLIBURTON REPORTS SECOND QUARTER EARNINGS
 DALLAS, July 30 /PRNewswire/ -- Halliburton Company (NYSE: HAL)


today reported that its second quarter 1992 net income was $12.8 million or 12 cents per share, compared to $32.3 million or 30 cents per share in the 1991 second quarter. The second quarter 1992 earnings were impacted by lower operating income generated by the company's Energy Services Group and its Engineering and Construction Services Group.
 The Energy Services Group's revenues were $650.5 million in the 1992 second quarter, a decline of 11 percent compared to the 1991 second quarter. Revenues were down less than the 15 percent that the worldwide rotary rig count dropped over the same time period. The revenues decreased as a result of extremely weak markets for services and products within the United States, where revenues declined by 35 percent compared to the year ago quarter. Drilling activity in the United States reached a 51-year low during the 1992 second quarter. The lower revenues in the United States were partially offset by a nine percent revenue increase experienced by international business activities over the same time period.
 The Energy Services Group's operating income declined to $21.2 million in the 1992 second quarter. These results were due to the sharp reduction of the volume of business activity in the United States, where an operating loss was incurred during the quarter. Operating income and operating margins from international business increased in the 1992 second quarter compared to the same quarter of 1991.
 The Energy Services Group continued to take additional actions in the 1992 second quarter to better size its United States' business organization to available and anticipated markets. These actions included 1,300 additional employment reductions in the United States during the quarter.
 The Engineering and Construction Services Group's revenues were $899.2 million in the 1992 second quarter, down seven percent from the year ago quarter. Operating income was $24.7 million compared to $32.4 million for the second quarter of 1991, which was by far the most profitable quarter in 1991. Economic stagnation in the United States has resulted in a slowing of engineering and construction projects within the country, and industrial customers have deferred spending to modernize and expand capacity.
 International projects are of growing importance and represented 31 percent of the group's revenues in the 1992 second quarter. The group's backlog of firm orders remains strong. Backlog was $3.6 billion at June 30, 1992, nine percent higher than mid-year 1991.
 The Insurance Services Group's operating income was $1.9 million for the 1992 second quarter, compared to the year earlier $1.8 million. On July 27 Halliburton announced that it intends to sell Highlands Insurance Company, the Group's principal business, to more sharply focus Halliburton's resources on the company's two core businesses, the Energy Services Group and the Engineering and Construction Services Group.
 Thomas H. Cruikshank, chairman of the board and chief executive officer of Halliburton Company, said, "Halliburton's net income in the month of June was much improved as compared to April and May, and we anticipate a continuation of improvement in the second half of 1992. Such improvement is expected to be largely influenced by performance of the Energy Services Group, which should benefit by a combination of stronger international results, a modest recovery of demand for services and products in the United States, and benefits accruing from cost cutting actions taken over the past year."
 Halliburton Company is one of the world's largest diversified energy services, engineering, maintenance, and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction services, and property and casualty insurance services.
 Quarter Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 (In millions except per share data)
 Revenues
 Energy services $ 650.5 $ 727.7 $1,298.5 $1,434.7
 Engineering and
 construction services 899.2 971.3 1,849.2 1,895.4
 Insurance services 72.0 88.7 148.8 190.0
 Total revenues $1,621.7 $1,787.7 $3,296.5 $3,520.1
 Operating income
 Energy services $ 21.2 $ 40.5 $ 43.7 $ 77.9
 Engineering and
 construction services 24.7 32.4 41.2 51.9
 Insurance services 1.9 1.8 7.2 5.8
 General corporate
 expenses (5.5) (5.6) (10.8) (10.8)
 Total operating
 income 42.3 69.1 81.3 124.8
 Interest expense (13.1) (14.8) (28.2) (24.7)
 Interest income 5.9 9.0 13.3 16.8
 Foreign currency losses (5.8) (3.2) (13.1) (7.9)
 Other nonoperating, net 0.7 (0.2) 1.2 (0.1)
 Income before income
 taxes and minority
 interest 30.0 59.9 54.5 108.9
 Provision for income
 taxes (16.5) (27.0) (29.2) (48.0)
 Minority interest (0.7) (0.6) (3.1) (1.2)
 Net income $ 12.8 $ 32.3 $ 22.2 $ 59.7
 Net income per
 share(A) $ 0.12 $ 0.30 $ 0.21 $ 0.56
 Average number of
 common shares
 outstanding 107.1 106.9 107.1 106.9
 (A) Per share amounts are based upon average number of common shares outstanding.
 -0- 7/30/92
 /CONTACT: Guy T. Marcus, vice president-investor relations of Halliburton, 214-978-2691/
 (HAL) CO: Halliburton Company ST: Texas IN: OIL SU: ERN


KD -- NY119 -- 5360 07/30/92 18:05 EDT
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