


FOR IMMEDIATE RELEASE       Contact: Guy T. Marcus       Dirk Vande Beek
April 22, 1998                       V.P.-Inv. Rel.      Media Relations
                                     (214) 978-2691      (713) 676-8097


             HALLIBURTON 1998 FIRST QUARTER NET INCOME UP 42 PERCENT

         DALLAS,  Texas -- Halliburton  Company  (NYSE:HAL) today announces 1998
first  quarter  net  income of $117.8  million ($ .44 per share  diluted),  a 42
percent  increase  compared to 1997 first quarter net income of $83.0 million ($
 .32 per share diluted).  Halliburton's  consolidated revenues for the 1998 first
quarter  increased  24 percent to $2.4  billion,  compared  to the year  earlier
quarter.  Strong  financial  performance  by the Energy Group  business  segment
positively impacted the company's consolidated revenues and net income.
         The Energy Group's 1998 first quarter revenues totaled $1.6 billion, an
increase of 42 percent  compared to the 1997 first  quarter.  Revenue growth was
particularly  strong in international  markets where revenues  increased by more
than 50 percent  from a year ago.  The  business  segment's  1998 first  quarter
operating income  increased to $185 million,  58 percent higher than last year's
first quarter.  The strong operating income increase improved the Energy Group's
operating  margin to 11.6  percent in the 1998 first  quarter,  compared to 10.5
percent last year. The Energy Group's financial  results  benefitted from strong
revenue  growth by the  Halliburton  Energy  Services  and  Brown & Root  Energy
Services business units during the 1998 first quarter.

                                     -more-

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<PAGE>

Halliburton Company                  -2-
         The  Engineering and Construction  Group's 1998 first quarter revenues,
operating  income  and  operating  margins  were  $766.1 million,  $28.8 million
and  3.8  percent,  respectively.  The  business   segment's   financial results
were  about  the  same  as  the year ago quarter.  Financial results in the 1998
first  quarter  were  flat  largely  due to  restructuring  actions taken by the
Group  to  exit  from  the  environmental  business and lower levels of pulp and
paper   industry   activities.  Also,   a  later  than  expected  start-up  of a
contract  to  refit  United   Kingdom   submarines  at the  company's  Devonport
Royal  Dockyard,  as  well  as  the continued wind-down of a contract to provide
logistical  support  services  to  U.S.  troops stationed in Bosnia, reduced the
Engineering and Construction Group's revenues.
         Dick  Cheney,   Halliburton  Company's  chairman of the board and chief
executive officer,  said, "The Energy Group continued strong worldwide growth in
the 1998 first  quarter,  with revenues  increasing  by 42 percent.  This growth
increased our capacity  utilization and favorably  impacted  profit margins.  We
look for continued Energy Group progress during the balance of 1998.
         "Our Engineering and  Construction  business is positioned for improved
performance  as the year  progresses.  The total  engineering  and  construction
backlog at March 31, 1998 was $7.0 billion,  an increase of 20 percent  compared
to a year ago, which will contribute favorably to future financial results.
         "In  summary,   the  management   team  at  Halliburton   believes  the
opportunities for the future are excellent.  Customers  worldwide are continuing
to  implement  plans  for  multi-year  projects  in  order  to meet  anticipated
long-term market needs."

                                     -more-

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<PAGE>


Halliburton Company                     -3-

         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.

                                       ###


         NOTE:  In  accordance  with the Safe Harbor  provisions  of the Private
Securities  Litigation  Reform Act of 1995,  Halliburton  Company  cautions that
statements  in this press  release  which are forward  looking and which provide
other than  historical  information,  involve risks and  uncertainties  that may
impact the companies'  actual results of  operations.  Please see  Halliburton's
Form 10-K for the  fiscal  year  ended  December  31,  1997 for a more  complete
discussion of such risk factors.


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                      The Exhibit Index Appears on Page 4

<PAGE>
<TABLE>
<CAPTION>
                               HALLIBURTON COMPANY
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)

                                       Quarter Ended
                                          March 31
                                    --------------------
                                      1998        1997
                                    --------    --------

                          Millions of dollars except per share data
<S>                                 <C>         <C>

Revenues
  Energy Group                      $ 1,589.2   $ 1,120.3
  Engineering and
    Construction Group                  766.1       777.2
                                    ----------  ----------
    Total revenues                  $ 2,355.3   $ 1,897.5
                                    ==========  ==========
Operating income
  Energy Group                      $   185.0   $   117.2
  Engineering and
    Construction Group                   28.8        29.4
  General corporate                      (9.8)       (7.9)
                                    ----------  ----------
    Total operating income              204.0       138.7

Interest expense                        (11.3)       (6.1)
Interest income                           3.4         4.4
Foreign currency gains                    2.4         1.0
Other nonoperating, net                  (0.1)        0.6
                                    ----------  ----------
Income before income taxes
  and minority interests                198.4       138.6

Provision for income taxes              (77.0)      (52.7)

Minority interest in net (income)
  loss of subsidiaries                   (3.6)       (2.9)
                                    ----------  ----------
Net income                          $   117.8   $    83.0
                                    ==========  ==========

Basic income per share              $    0.45  $     0.33

Diluted income per share            $    0.44  $     0.32

Basic average common
   shares outstanding                   262.6       252.7

Diluted average common
   shares outstanding                   266.3       255.5

<FN>

Per share amounts for the first quarter of 1997 are 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 on June 26, 1997. Basic and
diluted  per  share amounts are presented in accordance with SFAS 128, "Earnings
per Share".

</FN>
</TABLE>

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