Halliburton Finalizes Funding for Asbestos, Silica Settlement; Collection Surpasses $1 Billion in Insurance

Halliburton announced on Tuesday that the company has completed the funding of the asbestos and silica settlements for its subsidiaries that had filed chapter 11 proceedings.

Halliburton paid today the final cash installment of the $2.775 billion used to fund the trusts for the benefit of current asbestos and silica claimants.

In addition, on Jan. 20, 2005, Halliburton issued 59.5 million shares of
common stock that have been contributed for the benefit of future asbestos claimants. As a result of the issuance of these new shares, the total number of shares of common stock outstanding is now approximately 504 million. The plan of reorganization became effective on Jan. 20, 2005.

Halliburton has collected to date more than $1.0 billion in cash from various insurance carriers related to the asbestos and silica settlements.

“The funding and completion of this settlement allows us to open a new chapter for Halliburton. We are excited about the company’s prospects in the coming years,” said Dave Lesar, chairman, president and CEO of Halliburton.