Halliburton Completes Sale of Dresser Equipment Group

Apr 10, 2001, 01:00 ET from Halliburton Company

    DALLAS, April 10 /PRNewswire/ -- Halliburton Company (NYSE:   HAL) announced
 today that it has completed the sale of Dresser Equipment Group (DEG), now
 called "Dresser, Inc.", to an investor group consisting primarily of First
 Reserve Corporation and Odyssey Investment Partners, LLC.
     The value of this sale is $1.55 billion in cash and assumed liabilities.
 For Halliburton the transaction results in a $500 million pre-tax gain and a
 $300 million after-tax gain, or $0.69 per share.  This gain will be recognized
 in the 2001 second quarter.  A subsidiary of Halliburton retains ownership of
 5.1 percent of DEG, as part of the transaction.  After adjustments for assumed
 liabilities and changes in net assets since the date of the purchase
 agreement, Halliburton received approximately $1.3 billion in net cash
 proceeds.  After payment of taxes and sale expenses, Halliburton will net
 approximately $1.0 billion in cash.  All above amounts are subject to
 adjustments based upon the DEG balance sheet at closing.
     Dave Lesar, chairman of the board, president and chief executive officer
 of Halliburton Company, said, "About a year ago we announced our plan to sell
 DEG because its lines of business did not closely fit Halliburton's core
 business nor our long-term goals.  This sale brings sharper focus on
 Halliburton's core business activities.  The $1.0 billion of net cash from the
 sale will be used to repay short-term debt, including the debt we incurred to
 repurchase more than $750 million of our common stock last year, as well as to
 support other future activities."
     First Reserve Corporation is a leading private equity firm investing
 solely in the energy industry with over $2.8 billion under management.  First
 Reserve's investments include Pride International, National Oilwell, Superior
 Energy Services and Chicago Bridge and Iron.
     Odyssey Investment Partners LLC is a New York based partnership with over
 $760 million under management.  The firm makes private equity investments in
 management buyouts and other corporate transactions primarily within the
 manufacturing, telecom and financial services industries.
     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 and Engineering and Construction 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-K for the year ended December 31, 2000 for a more complete discussion
 of such risk factors.
 
 

SOURCE Halliburton Company
    DALLAS, April 10 /PRNewswire/ -- Halliburton Company (NYSE:   HAL) announced
 today that it has completed the sale of Dresser Equipment Group (DEG), now
 called "Dresser, Inc.", to an investor group consisting primarily of First
 Reserve Corporation and Odyssey Investment Partners, LLC.
     The value of this sale is $1.55 billion in cash and assumed liabilities.
 For Halliburton the transaction results in a $500 million pre-tax gain and a
 $300 million after-tax gain, or $0.69 per share.  This gain will be recognized
 in the 2001 second quarter.  A subsidiary of Halliburton retains ownership of
 5.1 percent of DEG, as part of the transaction.  After adjustments for assumed
 liabilities and changes in net assets since the date of the purchase
 agreement, Halliburton received approximately $1.3 billion in net cash
 proceeds.  After payment of taxes and sale expenses, Halliburton will net
 approximately $1.0 billion in cash.  All above amounts are subject to
 adjustments based upon the DEG balance sheet at closing.
     Dave Lesar, chairman of the board, president and chief executive officer
 of Halliburton Company, said, "About a year ago we announced our plan to sell
 DEG because its lines of business did not closely fit Halliburton's core
 business nor our long-term goals.  This sale brings sharper focus on
 Halliburton's core business activities.  The $1.0 billion of net cash from the
 sale will be used to repay short-term debt, including the debt we incurred to
 repurchase more than $750 million of our common stock last year, as well as to
 support other future activities."
     First Reserve Corporation is a leading private equity firm investing
 solely in the energy industry with over $2.8 billion under management.  First
 Reserve's investments include Pride International, National Oilwell, Superior
 Energy Services and Chicago Bridge and Iron.
     Odyssey Investment Partners LLC is a New York based partnership with over
 $760 million under management.  The firm makes private equity investments in
 management buyouts and other corporate transactions primarily within the
 manufacturing, telecom and financial services industries.
     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 and Engineering and Construction 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-K for the year ended December 31, 2000 for a more complete discussion
 of such risk factors.
 
 SOURCE  Halliburton Company