Exhibit 99.1

                                Agreement Summary

- -    Agreement in principle on global  settlement  of all  outstanding  personal
     injury asbestos claims with attorneys representing  substantially more than
     the required 75 percent of known present asbestos claimants.

- -    If successfully implemented,  the settlement would resolve all liability of
     Halliburton and its subsidiaries for all present and future personal injury
     asbestos claims, which claims would be channeled to a settlement trust.

- -    Settlement would be implemented through a pre-packaged Chapter 11 filing by
     DII Industries,  LLC (DII) and Kellogg Brown & Root, Inc. (KBR), as well as
     certain of their other subsidiaries with U.S. operations. The filing should
     take place late in the first quarter of 2003.

- -    KBR Services, Inc., which includes the U.S. government operations business,
     and KBR's  entities  with no U.S.  operations,  will be  excluded  from the
     Chapter  11  filing.  Halliburton  Company,  Halliburton  Energy  Services,
     Landmark  Graphics  and most other  Halliburton  subsidiaries  will also be
     excluded from the filing.

- -    The agreement is subject to (among other things) entering into a definitive
     agreement covering additional  details,  acceptances of holders of asbestos
     claims to a plan of reorganization, financing the cost of the settlement on
     terms  acceptable to Halliburton,  final approval by Halliburton,  DII, and
     KBR, and court approval.

- -    Under the plan of  reorganization,  the ownership of DII, KBR and the other
     filing subsidiaries will not change - they will continue to be wholly-owned
     direct or indirect subsidiaries of Halliburton.

- -    After final and  non-appealable  court  approval,  up to $2.775  billion in
     cash, 59.5 million shares of Halliburton stock and notes with a net present
     value expected to be less than $100 million will be paid to a trust for the
     benefit of present and future asbestos claimants and certain other personal
     injury  claimants.  Of the $2.775  billion,  $450  million will be due in 4
     years on a  subordinated  basis if not paid sooner  pursuant to a final and
     non-appealable  court  approved plan. DII and KBR will retain the rights to
     the first $2.3  billion of any  insurance  proceeds and the trust will have
     the rights to proceeds in excess of $2.3 billion, but not exceeding a total
     of $700  million.  DII and KBR will  retain  the  rights  to any  insurance
     proceeds in excess of $3 billion.