FOR IMMEDIATE RELEASE                    Contact:  Guy T. Marcus
December 9, 1996                                   Vice President-Inv. Rel.
                                                   (214) 978-2691

                       HALLIBURTON COMPANY REORGANIZATION

     DALLAS, Texas -- Halliburton Company (NYSE-HAL) announced today that, prior
to 1996 year end, it intends to complete a reorganization of its legal structure
under amended Delaware law.

A new  parent  holding  company  will be  created  which  will own the  existing
publicly held company.  The name of the new parent  company will be  Halliburton
Company.  The name of the former public  company will be changed to  Halliburton
Energy Services, Inc.

     The  purpose  of  this  reorganization  is to  improve  internal  operating
flexibility and reduce the overall impact of certain state taxes.  The company's
domestic  energy  services  business  units  will  operate  through   subsidiary
corporations  rather than as divisions  of the parent  company.  Otherwise,  the
business  operations of the company will not change as a result of  implementing
the new legal structure.

     The  reorganization  will be  structured  in a manner that will not require
action by  Halliburton's  shareholders,  whose rights,  privileges and interests
will  remain  the same with  respect  to the new  parent  corporation.  Existing
Halliburton  Company common stock  certificates will remain in force and effect;

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no exchange of certificates will take place. Halliburton Company has received an
opinion of counsel that the reorganization will be tax free to its shareholders.
The company's name, charter, by-laws and board of directors will not change as a
result of the reorganization.  The new parent company will continue to be traded
with the ticker symbol "HAL" on the New York Stock Exchange and its CUSIP number
will not change.

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

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