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FOR IMMEDIATE RELEASE               Contact: Guy T. Marcus
---------------------                        Vice President-Investor Relations
07/12/01                                      214/978-2691

                    HALLIBURTON $425 MILLION OF TWO-YEAR AND
                           FIVE-YEAR MEDIUM-TERM NOTES

     DALLAS,  Texas  --  Halliburton  Company  (NYSE:HAL)  announced  today  the
issuance of $275 million of fixed-rate notes due August 1, 2006 and $150 million
of  floating-rate  notes due July 16, 2003.  Both of the notes were issued under
Halliburton's  medium-term  note  program.  The notes were issued today  through
joint lead  managers JP Morgan and Salomon Smith  Barney.  Co-managers  were ABN
Amro, HSBC and The Royal Bank of Scotland.
     The five-year  $275 million  notes have a fixed-rate  coupon of 6.0 percent
and were priced at 99.572 to yield 6.099 percent to maturity.  The two-year $150
million  floating-rate notes were issued at par and have a coupon of three-month
LIBOR plus 15 basis points.
     Halliburton plans to use the net proceeds from the combined $425 million of
the two medium-term  notes offerings to reduce its outstanding  commercial paper
and for general corporate purposes.
     Halliburton  Company,  founded in 1919, is the world's largest  provider of
products and services to the petroleum and energy industries. The company serves
its  customers  with a broad range of products and  services  through its Energy
Services Group and Engineering and  Construction  Group business  segments.  The
company's World Wide Web site can be accessed at www.halliburton.com.

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