FOR IMMEDIATE RELEASE               CONTACT:Cedric Burgher
January 30, 2002                            Vice President, Investor Relations
                                            713-676-4608

                                            Wendy Hall
                                            Director, Media Relations
                                            713-676-5227


       HALLIBURTON'S A-/A2 CREDIT RATINGS REAFFIRMED BY STANDARD & POOR'S

     Dallas, Texas - Halliburton Company (NYSE:HAL) reported today that Standard
&  Poor's  reaffirmed  the  company's  long-term  credit  ratings  at A- and its
commercial paper rating at A2.

     "Standard  &  Poor's  decision  to  maintain  our  ratings  at  these  high
investment  grade levels  reflects our leading  global  market  position and our
healthy  balance  sheet,"  said  Dave  Lesar,   chairman,   president  and  CEO,
Halliburton.  "With  considerable  liquidity  and  strong  cash  flow,  we  have
tremendous  flexibility  to  execute  our  business  plan and our  strategy  for
sustained,  long-term  growth and  profitability.  I believe that the Standard &
Poor's rating supports this assertion."

     At the end of 2001, the company had  approximately  $2.8 billion in working
capital and $290 million in cash.  The company's  cash  position  today is about
$600 million.  Additionally,  Halliburton has $700 million in undrawn, committed
credit lines. Over the past year, Halliburton has reduced its total indebtedness
from 40% of total capitalization, to approximately 24%.

     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 http://www.halliburton.com.

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