FOR IMMEDIATE RELEASE                         Contact - Steve Moore
December 12, 1996                             Director of Communications
                                              (214) 978-2696

                       HALLIBURTON COMPANY REORGANIZATION

     DALLAS, Texas -- Halliburton Company (NYSE-HAL) announced today that it has
completed a reorganization  of its legal structure under amended Delaware law. A
new parent  holding  company has been created  which owns the previous  publicly
held company.  The name of the new parent  company is Halliburton  Company.  The
name of the  former  public  company  has been  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  was structured in a manner that did 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; no exchange
of certificates will take place.  Halliburton Company has received an opinion of
 
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counsel that the  reorganization is tax free to its shareholders.  The company's
name, charter,  by-laws and board of directors did 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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