FOR IMMEDIATE RELEASE               CONTACT:  Wendy Hall
July 16, 2002                                 Halliburton, Public Relations
                                              713-676-5227

                                              Cedric Burgher
                                              Halliburton, Investor Relations
                                              713-676-4608


HALLIBURTON ASBESTOS PLAINTIFFS AGREE TO EXTEND CURRENT STAY ON ASBESTOS CLAIMS



DALLAS,  Texas -- Halliburton  (NYSE:  HAL) today  announced that it has reached
agreement with  Harbison-Walker  Refractories Company and the Official Committee
of Asbestos Creditors in the  Harbison-Walker  bankruptcy to consensually extend
the period of the stay contained in the Bankruptcy Court's temporary restraining
order until  September  18,  2002.  The  Committee  has  informed the Court that
further  extensions  are  anticipated  as  long  as  negotiations  proceed  in a
constructive  manner.  The  Court's  temporary   restraining  order,  which  was
originally  entered  on  February  14,  2002,  stays more than  200,000  pending
asbestos claims against  Halliburton's  subsidiary Dresser Industries,  Inc. For
more details on the stay,  Halliburton  refers to its earlier press  releases of
June 4, 2002, May 20, 2002, February 22, 2002 and February 14, 2002.
     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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