FOR IMMEDIATE RELEASE                         Contact: Guy T. Marcus
February 20, 1997                                      Vice President-Inv. Rel.
                                                       (214) 978-2691

                 DIVIDEND DECLARATION AND SHAREHOLDERS' MEETING

     DALLAS,  Texas -- The board of directors of Halliburton  Company (NYSE-HAL)
today  declared a first quarter  dividend of 25 cents per share on the Company's
common stock,  payable March 26, 1997 to  shareholders of record at the close of
business on March 5, 1997.

     The company's  annual meeting of  shareholders  was set for May 20, 1997 in
Dallas, Texas. Record date for determination of shareholders entitled to vote at
such meeting is March 24, 1997 at the close of business.

     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.

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                       The Exhibit Index Appears on Page 4