

FOR IMMEDIATE RELEASE                       Contact: Guy T. Marcus
October 22, 1997                                     VP-Inv. Rel.
                                                     (214) 978-2691


        HALLIBURTON 1997 THIRD QUARTER EARNINGS INCREASE 60 PERCENT


         DALLAS,  Texas -- Halliburton  Company (NYSE: HAL) announces 1997 third
quarter net income of $121.1 million,  an increase of 60 percent compared to the
1996 third  quarter  net income of $75.5  million.  The 1997 third  quarter  net
income  includes an $8.6 million  after-tax  charge (also,  $8.6 million pretax)
associated with the acquisition costs of NUMAR  Corporation.  Earnings per share
for the 1997 third  quarter  were $ .47  compared  to $ .30 in the year  earlier
quarter. Consolidated revenues totaled $2,305 million in the 1997 third quarter,
a 24 percent increase over the 1996 quarter.
         The Energy Group business  segment's  1997 third quarter  revenues were
$1,502 million,  an increase of 35 percent compared to the year earlier quarter.
Worldwide  revenue growth was experienced  with U.S.  revenues  increasing by 36
percent and international revenues gaining 34 percent,  compared to the year ago
quarter.  The  Energy  Group's  strong  growth  compares  favorably  with the 16
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Halliburton Company                         2

percent  increase for rotary rigs drilling wells throughout the world during the
same time  period.
         The Energy Group's 1997 third quarter operating income  increased by 72
percent  to  $202.4  million  compared  to the 1996  quarter.  Robust  growth of
operating income was experienced and helped to improve operating margins to 13.5
percent in the 1997 third quarter compared to 10.5 percent a year ago.
         The  Engineering and  Construction  Group business  segment's  revenues
increased by 7.7 percent in the 1997 third quarter compared to the 1996 quarter,
while operating  income increased by 38 percent to $31.3 million during the same
time period. As a result,  operating margins improved to 3.9 percent compared to
3.0 percent a year earlier.  Operating income profitability continues to benefit
from efficiencies  gained from the restructuring of the business segment in late
1996.
         Dick  Cheney,  chairman  of the board and chief  executive  officer  of
Halliburton  Company,  said,  "Halliburton  is benefiting  from a combination of
stronger  market  conditions and the company's  improved  competitive  position.
Worldwide  petroleum demand is growing,  crude oil and natural gas prices remain
strong and our  customers  have been  increasing  spending to expand and enhance
their positions to participate in long term growth opportunities."
         Cheney  continued, "Halliburton's  improved  operating efficiencies and

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Halliburton Company                         3

its advantageous worldwide  infrastructure is enabling the company to capitalize
on opportunities. Also, new technology based products and services are providing
meaningful   increases  to  revenues  and   strengthening  our  future  outlook.
Halliburton's  technological position was further enhanced by the acquisition of
NUMAR Corporation at the end of September.  NUMAR's patented Magnetic  Resonance
Imaging  Logging  (MRIL(R))  tool  utilizes  technology  widely  used in medical
diagnostic  imaging  devices and  represents  a major  breakthrough  to evaluate
subsurface rock formations in newly-drilled oil and gas wells."
         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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<PAGE>
<TABLE>
<CAPTION>

                       HALLIBURTON COMPANY
                CONSOLIDATED STATEMENTS OF INCOME
                           (UNAUDITED)

                          Quarter Ended         Nine Months
                           September 30         September 30
                      ---------- ---------- ---------- ----------
                         1997       1996 *     1997       1996 *
                      ---------- ---------- ---------- ----------
                       Millions of dollars except per share data
<S>                   <C>        <C>        <C>        <C>

Revenues
Energy Group          $ 1,501.8  $ 1,114.3  $ 4,078.5  $ 3,010.4
Engineering and
 Construction Group       802.9      745.6    2,354.8    2,385.0
                      ---------- ---------- ---------- ----------
  Total revenues      $ 2,304.7  $ 1,859.9  $ 6,433.3  $ 5,395.4
                      ========== ========== ========== ==========
Operating income
Energy Group          $   202.4  $   117.5  $   479.7  $   324.7
Engineering and
 Construction Group        31.3       22.6       90.7       32.1
Special charges            (8.6)     (73.6)      (8.6)     (85.8)
General corporate          (8.1)      (9.2)     (24.1)     (26.4)
                      ---------- ---------- ---------- ----------
  Total operating
   income                 217.0       57.3      537.7      244.6

Interest expense          (13.4)      (6.9)     (29.2)     (17.7)
Interest income             2.8        4.8        9.3       11.9
Foreign currency
 gains (losses)            (0.3)      (0.5)       0.3       (2.7)
Other nonoperating,
 net                       (0.1)       0.3        0.4        0.4
                      ---------- ---------- ---------- ----------
Income before
income taxes and
 minority interests       206.0       55.0      518.5      236.5

(Provision) benefit
 for income taxes         (81.2)      20.8     (202.4)     (43.5)

Minority interest
in net (income) loss
of subsidiaries            (3.7)      (0.3)     (10.1)      (0.2)
                      ---------- ---------- ---------- ----------
Net income            $   121.1  $    75.5  $   306.0  $   192.8
                      ========== ========== ========== ==========

Income per share **   $    0.47  $    0.30  $    1.19  $    0.77

Average common
and common share
equivalents
outstanding               257.4      252.2      256.4      251.5
<FN>

*  Restated for Landmark Graphics Corporation pooling of
   interests and business realignment.

** Per share amounts are based upon average number of common
   and common share equivalents outstanding adjusted for the
   two-for-one common stock split declared on June 9, 1997,
   and effected in the form of a stock dividend on July 21,
   1997, to shareholders of record at June 26, 1997.
</FN>
</TABLE>


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