HALLIBURTON COMPANY
EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
The calculation below for earnings per share of the $2.50 par value Common
Stock of the Company on a primary and fully diluted basis for the three and
nine months ended September 30, 1994 and 1993, is submitted in accordance
with Regulation S-K item 601 (b) (11).
Three Months Nine Months
Ended September 30 Ended September 30
---------------------- ---------------------
1994 1993 1994 1993
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Millions of dollars except per share data
Primary:
Net income (loss) $ 51.7 $ (160.7) $ 50.3 $ (119.0)
Average number of common
and common share
equivalents outstanding 114.2 114.1 114.2 111.9
Primary net
income (loss) per share $ 0.45 $ (1.41) $ 0.44 $(1.06)
Fully Diluted:
Net income (loss) $ 51.7 $ (160.7) $ 50.3 $ (119.0)
Add after-tax interest
expense applicable to
Zero Coupon Convertible
Subordinated Debentures
due 2006 3.3 2.1 9.6 7.6
--------- --------- --------- ---------
Adjusted net income (loss) $ 55.0 $ (158.6) $ 59.9 $ (111.4)
Adjusted average number of
shares outstanding 119.1 119.1 119.1 116.9
Fully diluted earnings
(loss) per share $ 0.46 $ (1.33) $ 0.50 $ (0.95)
<FN>
The foregoing computations do not reflect any significant potentially dilutive
effect the Company's Preferred Stock Purchase Rights Plan could have in the
event such Rights become exercisable and any shares of either Series A
Junior Participating Preferred Stock or Common Stock of the Company are
issued upon the exercise of such Rights.