FOR IMMEDIATE RELEASE                                   Contact - Guy T. Marcus
July 14, 1995                                           Vice President-Inv. Rel.
                                                        (214) 978-2691

        HALLIBURTON ANNOUNCES AGREEMENTS TO SETTLE EXPORT INVESTIGATION


     DALLAS,  Texas -- Halliburton  Company  announced  today that it has agreed
with the U.S.  Department  of Justice  and the U. S.  Department  of Commerce to
settle civil and criminal charges arising from certain exports that were made by
former subsidiaries of the Company.

     As a result of the  settlement,  Halliburton  has agreed to plead guilty in
U.S. Federal Court in Houston to three violations of the U.S. export control law
which prohibits the export of U.S. goods and services to Libya and has agreed to
pay a fine of $1.2  million.  The United  States  Attorney  in Houston has filed
charges with the Federal  Court and  Halliburton  will enter its plea within the
next few weeks.  These violations relate to shipments of components of oil field
wireline logging tools by one of Halliburton's former domestic subsidiaries to a
foreign subsidiary for performance of oil field services for Libyan national oil
companies.  The shipments  occurred during late 1987 to early 1990.  These tools
are no longer in Libya, and while there, they were always in the possession of a
Halliburton foreign subsidiary.


     Halliburton also has reached  agreement with the Department of Commerce for
the entry of an order in  settlement  of  proposed  civil  charges  relating  to
alleged  violations  of the  Export  Administration  Act.  This  order  involves
shipments to Libya by this same former subsidiary,  as well as other exports and
reexports  of  geophysical  equipment  and  services to Libya by another  former
subsidiary  during  the  same  general  time  period.  The  agreement  with  the
Department of Commerce calls for Halliburton to pay an additional  civil fine of
$2.61  million.  The order  will be  entered  when the plea is  accepted  by the
Federal Court.

     These settlements will not impair Halliburton's ability to export products,
services or  technology  in  compliance  with  applicable  law. The cost of this
settlement has been provided for by Halliburton in prior accounting  periods and
it will not affect Halliburton's financial results in the future.

     Thomas H. Cruikshank,  Chairman and Chief Executive Officer of Halliburton,
stated: "These exports to Libya should not have happened.  They were contrary to
our Company's  policies then and now.  Unfortunately our internal export control
procedures  and  training  were not  sufficient  at that time to  prevent  these
shipments.  Since then, we have  tightened  our export  control  procedures  and
re-educated our executives and other employees who manage our exports concerning
the  requirements of applicable U.S. law. We have stressed to our executives and
other  employees that it is the policy of  our Company  that we  will  strictly 

observe such laws. The Company regrets that these  violations  occurred and will
continue to take action to prevent future violations."

     Halliburton  Company  is one  of the  world's  largest  diversified  energy
services, engineering, maintenance, and construction companies. Founded in 1919,
Halliburton  provides a broad range of energy services and products,  industrial
and marine  engineering  and  construction  services,  and property and casualty
insurance services.

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